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?
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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