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dwwhite670
New Member

Turbotax premier - how does turbotax premier adust the ira deduction for a taxpayer who is receiving Social Security income.

 
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dmertz
Level 15

Turbotax premier - how does turbotax premier adust the ira deduction for a taxpayer who is receiving Social Security income.

TurboTax implements Worksheets 1, 2 and 3 of Appendix B of IRS Pub 590-A to calculate modified AGI, the traditional IRA deduction and taxable amount of Social Security benefits, respectively, when you are subject to IRA contribution deduction limitations and you receive Social Security income.  You can view these calculations in forms mode of the CD/download version of TurboTax by opening the IRA SS Wks.

https://www.irs.gov/pub/irs-pdf/p590a.pdf

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Critter
Level 15

Turbotax premier - how does turbotax premier adust the ira deduction for a taxpayer who is receiving Social Security income.

If you (or your spouse) don't have sufficient EARNED income to make a contribution then program will let you know.
dmertz
Level 15

Turbotax premier - how does turbotax premier adust the ira deduction for a taxpayer who is receiving Social Security income.

TurboTax implements Worksheets 1, 2 and 3 of Appendix B of IRS Pub 590-A to calculate modified AGI, the traditional IRA deduction and taxable amount of Social Security benefits, respectively, when you are subject to IRA contribution deduction limitations and you receive Social Security income.  You can view these calculations in forms mode of the CD/download version of TurboTax by opening the IRA SS Wks.

https://www.irs.gov/pub/irs-pdf/p590a.pdf

View solution in original post

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