The Money Mustache Community
Learning, Sharing, and Teaching => Investor Alley => Topic started by: dodojojo on February 18, 2014, 01:53:13 PM
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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?
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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.
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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.
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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.