Author Topic: Determining IRA partial deduction  (Read 2220 times)

dodojojo

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Determining IRA partial deduction
« on: February 18, 2014, 01:53:13 PM »
My adjusted income for 2013 is about $64,000 which falls into the partial deduction category of 59K-69K.  I have not find details on how to determine what my partial deduction would be?  How do I figure how much of the $5,500 IRA limit I can deduct?

I assume whatever remaining balance from the IRA can then used for the Roth?

Undecided

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Re: Determining IRA partial deduction
« Reply #1 on: February 18, 2014, 02:11:55 PM »
My adjusted income for 2013 is about $64,000 which falls into the partial deduction category of 59K-69K.  I have not find details on how to determine what my partial deduction would be?  How do I figure how much of the $5,500 IRA limit I can deduct?

I assume whatever remaining balance from the IRA can then used for the Roth?

Have you looked in the instructions to the return? There is an IRA deduction worksheet.

dodojojo

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Re: Determining IRA partial deduction
« Reply #2 on: February 18, 2014, 02:17:26 PM »
Quote
Have you looked in the instructions to the return? There is an IRA deduction worksheet.

No...I haven't seen an IRS form for over a decade.  I use turbo tax and each of those years, I've always been eligible for the full deduction. Maybe TT has a section which also helps with partial deductions? Thanks for your reply though, I googled IRA deduction worksheet and found the pdf.

dodojojo

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Re: Determining IRA partial deduction
« Reply #3 on: February 18, 2014, 02:34:56 PM »
So it turns out if I should have googled "IRA deduction calculator" rather than "how to determine partial IRA deduction."  Fidelity offers a very nice calculator.
« Last Edit: February 18, 2014, 02:36:40 PM by dodojojo »

 

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