The tax calculations used under "Traditional IRA and Roth IRA" look incorrect in the software. it incorrectly calculates joint income as individual limit. Anyone facing similar issue??
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Your total contributions to all of your traditional and Roth IRAs cannot be more than in both 2019 and 2020:
If you file a joint return, you may be able to contribute to an IRA even if you did not have taxable compensation as long as your spouse did. The amount of your combined contributions can't be more than the taxable compensation reported on your joint return. See the formula in IRS Publication 590-A.
If you file a joint return, you may be able to contribute to an IRA even if you did not have taxable compensation as long as your spouse did. The amount of your combined contributions can't be more than the taxable compensation reported on your joint return. See the formula in IRS Publication 590-A.
IRA Deduction if You ARE Covered by a Retirement Plan at Work - 2019
The calculation done by TurboTax is correct. When filing a joint tax return, the deductibility of a traditional IRA contribution when covered by an employer's retirement plan and eligibility to contribute to a Roth IRA is determined by the AGI calculated from the combined amounts of both spouses. There is no individual AGI when filing a joint tax return.
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