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Roth IRA cont, Entered $2,000, message that only allowed $1,640 of the contri. Changed contribution to $1,640 but when I review Schedule A no deduction was included.
Your Roth IRA too High
Because yur MAGI is $131,230, only 1640 of your 2000 contribution is allowed. …..
I changed my contribution to 1640 but on the schedule A it didn't include 1640 as a Roth IRA. Why not?
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Roth IRA cont, Entered $2,000, message that only allowed $1,640 of the contri. Changed contribution to $1,640 but when I review Schedule A no deduction was included.
Your Roth contribution is not on the schedule A.
When you're filling out your taxes, the Internal Revenue Service tends to pry for extra details of your financial life, but one thing you won't report on your Form 1040 tax return is your Roth individual retirement account contributions. Generally speaking, you will not need to report your Roth IRA contributions on IRS Form 1040. That being said, exceptions may arise if you are claiming the Retirement Savings Credit.
Roth IRAs offer after-tax savings, which means your contributions won't get you a tax deduction when you make them, as traditional IRA contributions do. Since the contribution doesn't reduce your taxable income, it doesn't get reported on your tax return as a deduction.
If you have other questions about this, ask in the comment section below.
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Roth IRA cont, Entered $2,000, message that only allowed $1,640 of the contri. Changed contribution to $1,640 but when I review Schedule A no deduction was included.
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