My AGI is a just above the IRS limit for deducting an IRA contribution. Can the IRA contribution be used to get the AGI below those limits and allow it to be deductible ?
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My AGI is a just above the IRS limit for deducting an IRA contribution. Can the IRA contribution be used to get the AGI below those limits and allow it to be deductible ?
My AGI is a just above the IRS limit for deducting an IRA contribution. Can the IRA contribution be used to get the AGI below those limits and allow it to be deductible ?
No. For the purpose of determining the deductibility of a traditional IRA contribution, your AGI is modified by adding back any IRA deduction on Form 1040 line 32 or Form 1040A line 17, so the effect of the IRA deduction is canceled out
My AGI is a just above the IRS limit for deducting an IRA contribution. Can the IRA contribution be used to get the AGI below those limits and allow it to be deductible ?
No. For the purpose of determining the deductibility of a traditional IRA contribution, your AGI is modified by adding back any IRA deduction on Form 1040 line 32 or Form 1040A line 17, so the effect of the IRA deduction is canceled out
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