jboring
Level 1
03-17-2021
03:46 PM
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VA client, under age 70, with a child, contributed $4500 to one plan; $1200 to another plan and $1200 to another plan. Is the deduction limited to $4,000 or $4,000 + $1200 + $1200 = $6400? If $6400 how do you show the $500 carryover?
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rbynaker
Level 14
03-17-2021
04:09 PM
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The limit is $4,000 for each account. So sounds like $6,400 in your case. I don't know Lacerte but maybe @sjrcpa can help.
sjrcpa
Level 15
03-17-2021
04:47 PM
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Enter the information for all 3 accounts. The software will apply the limit and carry it over.
The more I know the more I don’t know.
