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look at the IRA contribution worksheet and follow the money through the computation.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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On the IRA Contribution Worksheet the maximum is $7,500 per taxpayer. Line 1 is $7,500, Line 5 is $7,500, Line 9 is $7,500, Line 12 is $0. On the IRA Deduction Worksheet, Lines 3 and 4 are $7,500 for each taxpayer; Lines 10 and 16 are $0.
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I cant follow that. Look at the worksheet between Lines 13 and 14, those quickzoom buttons should show you the calculation that makes the amount in excess.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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does the taxpayer have earned income
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Until some facts are presented, I think were all just stuck guessing.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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Interest, dividend and rental income through K-1's, and I appreciate everyone's assistance.
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"Interest, dividend and rental income"
From: https://www.irs.gov/taxtopics/tc451
"To contribute to a traditional IRA, you, and/or your spouse if you file a joint return, must have taxable compensation, such as wages, salaries, commissions, tips, bonuses, or net income from self-employment."
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