I am filing as Head of Household. My modest overtime *should* be fully deductible since my MAGI is around $200,000 and complete phase out is not until MAGI of $275,000. But Turbo Tax deluxe is saying my deductible OT is $0 due to phase out limits, which appears incorrect to me. How do I fix this?
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Thank you for your response. Yes, you are right and I learned this after completing the Schedule 1-A form manually (by hand).
Single / Head of Household Phaseout $150,000 -- $275,000
The deduction is reduced by $100 for every $1,000 your MAGI exceeds the threshold. If your MAGI is 200K, that means your OT deduction is reduced by $5K (50 x 500). Did you have more than 5K in OT? If you had less than $5K, there is no deduction. What is the new tax law for overtime pay?
Thank you for your response. Yes, you are right and I learned this after completing the Schedule 1-A form manually (by hand).
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