topic Are IRA contributions deducted when calculating gross income for dependent status? in Deductions & credits

Are IRA contributions deducted when calculating gross income for dependent status?

Jimborooney — Mon, 19 Oct 2020 00:23:47 GMT

Re: Are IRA contributions deducted when calculating gross income for dependent status?

macuser_22 — Mon, 19 Oct 2020 00:53:22 GMT

Explain what you are asking.

IRA contributions have nothing to do with a dependent.

Re: Are IRA contributions deducted when calculating gross income for dependent status?

VolvoGirl — Mon, 19 Oct 2020 00:58:10 GMT

They probably want to know if they can deduct IRA contributions to get under the 4,200 income to be claimed as a dependent.

Re: Are IRA contributions deducted when calculating gross income for dependent status?

macuser_22 — Mon, 19 Oct 2020 01:12:45 GMT

The answer to that is NO. Only taxable compensation can be used for a IRA contribution and any taxable compensation, by definition, is income included in the $4,200 limit.

Re: Are IRA contributions deducted when calculating gross income for dependent status?

Jimborooney — Mon, 19 Oct 2020 06:17:27 GMT

Thanks for the quick replies. What confused me is there is no line titled “gross income“ on the 1040, and IRA contribution deductions are factored into Adjusted Gross Income.

Re: Are IRA contributions deducted when calculating gross income for dependent status?

Critter-3 — Mon, 19 Oct 2020 12:17:16 GMT

You are correct but you need to use some IRS logic ... it is called total income ... next line are the total adjustments ... which makes the next line the AGI... so if you work backward the total income line is the gross income if after adjustments it is the AGI.