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scokies
January 31, 2025
Question

Magi showing me over for being able to deduct an IRA contribution as it thinks I am over 143k but I am married filing jointly so my combined income is more than that.

  • January 31, 2025
  • 1 reply
  • 0 views
Why does turbo tax use the single value instead of the married joint value of 230k?

    1 reply

    M
    MayaD
    January 31, 2025

    Your deduction may be limited if you (or your spouse) are covered by a retirement plan at work and your income exceeds certain levels.

    If married filing jointly and MAGI is $143,000 or more you can't deduct your contribution if covered by a retirement plan.

     

    For more information, check: IRA deduction limits

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