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Level 2
March 24, 2020
Solved

ira problem

  • March 24, 2020
  • 1 reply
  • 7 views

ira problem  on 1040 line 8a showing $5480.00 sb10000.00

 is market value affecting this amount.

This topic has been closed for replies.
Best answer by Just-Lisa-Now-

Do you have some non deductible IRA basis hanging out from a previous year that is reducing the taxable portion?

Look through your IRA basis worksheet, or Form 8606 for that $4520 difference.

1 reply

Just-Lisa-Now-
Intuit Community Champion
March 24, 2020

Do you have some non deductible IRA basis hanging out from a previous year that is reducing the taxable portion?

Look through your IRA basis worksheet, or Form 8606 for that $4520 difference.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
jimr1Author
Level 2
March 24, 2020

t/p invested $10,000.00 to reg.ira both husband &wife line8 a on form 1040 showing 5480.00 instead of 10000.00

Just-Lisa-Now-
Intuit Community Champion
March 24, 2020

Sounds like its limiting their contributions....chase that figure back from 8a to the Sch 1 and look at the IRA contribution worksheets, scroll down down down and see if they are being limited.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪