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- IRA contribution magi limit
IRA contribution magi limit
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George1952
Level 1
08-04-2022
06:40 AM
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Client had IRA withdrawal under CARES and elected to spread over 3 years (30,000 per year).
The 30,000 taxable in 2020 shows on Line 4B and is included on Line 9 as total income. However, on the worksheet to compute an IRA deduction, Line 4 does not include the 30,000.
One of the taxpayers is not covered by a plan so we deducted $7,000 IRA contribution. IRS has computed an adjustment based on including the 30,000 in modified AGI.
Is the worksheet calculation correct or is IRS correct?
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Intuit_David
Employee
08-04-2022
06:04 PM
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Intuit Tax Advisor does not contain worksheets. Which software program are you referring to please?
