Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
twh7633
New Member

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 ?

 
1 Best answer

Accepted Solutions
dmertz
Level 15

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

View solution in original post

1 Reply
dmertz
Level 15

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

View solution in original post

Dynamic AdsDynamic Ads
Privacy Settings
v