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Level 2
posted Feb 14, 2024 8:20:03 AM

IRA Calculator tool bug?

So I was using the "Play with your contribution" feature.  I entered the max contribution value.  The weird thing is Deduction and Savings columns show $0, but bottom lines should a higher refund value.

 

Screenshot 2024-02-14 081424.png

 

I then proceed with next steps/screens to actually add the $6500, but the refund stays at previous value, not the value shown above "Your new bottom line".   Bug?

 

0 1 379
1 Replies
Level 15
Feb 14, 2024 11:37:45 AM

If your tax return includes a distribution from your traditional IRAs, a nondeductible traditional IRA contribution can reduce the taxable amount of that distribution.  However, TurboTax may not yet have the year-end value in your traditional IRAs needed to correctly calculate the change in your refund or balance due.