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TurboTax makes that determination if any of the following are true:
1) Box 13 (retirement plan) on your (or spouses) W-2 is checked,
2) Box 12 on your (or spouses) W-2 contains codes D, E, F, S, or AA/
3) You answered “yes” to the “Are you covered by a Retirement Plan at work” in the interview.
4) You have a self-employed retirement plan.
Thank you for your response! The problem is that even though our magi is less than $104K, Turbo tax does not show the full IRA deduction. Even with a SEP, married filing jointly should be able to deduct the full IRA contribution, if MAGI is less than $104K. Is this a bug?
@mrbud wrote:
Thank you for your response! The problem is that even though our magi is less than $104K, Turbo tax does not show the full IRA deduction. Even with a SEP, married filing jointly should be able to deduct the full IRA contribution, if MAGI is less than $104K. Is this a bug?
What is on line 2 & 3 on that same worksheet?
IRA deduction worksheet:
Line 2: Spouse $0, Self: $29,436
Line 3: Spouse $7,000, Self: $7,000
Repeat steps above for each person.
I tried, but I do not see that question when I go through the screens...
@mrbud wrote:
IRA deduction worksheet:
Line 2: Spouse $0, Self: $29,436
Line 3: Spouse $7,000, Self: $7,000
You indicated that you are self-employed - do you have a self employed SEP or SIMPLE plan? Or other SE retirement plan?
The amount of deduction should be on line 16 of the worksheet. If 16 is less than line 4 then follow the line 5-15 calculations to find out why.
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