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plmartin09
Returning Member

IRA Deduction

Why is Turbo Tax only treating a portion of my IRA Contribution as deductible. My contribution amount is well within the annual limit.  I contributed about $1300 to my 401K and my income from wages is about $39,000. The software is only treating $560 of my $2500 contribution as deductible.  Is there a bug in the software?

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‎February 13, 2025 9:52 AM
last updated ‎February 13, 2025 9:52 AM
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dmertz
Level 15

IRA Deduction

Your MAGI for the purpose of an IRA deduction takes into account all of your income, not just wages.  The calculation of MAGI begins with AGI.

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‎February 13, 2025 10:17 AM
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dmertz
Level 15

IRA Deduction

Your MAGI for the purpose of an IRA deduction takes into account all of your income, not just wages.  The calculation of MAGI begins with AGI.

‎February 13, 2025 10:17 AM
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