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Level 5
July 10, 2020
Solved

IRA Contribution Deduction was disallowed due to AGI

  • July 10, 2020
  • 2 replies
  • 16 views

Hi,

The taxpayer's traditional IRA deduction was disallowed due to modified adjusted gross income in excess of the threshold amount.

Does this contribution automatically count as NONE deductible IRA?

Given the fact that the contribution was added to an existing traditional IRA account!!

This topic has been closed for replies.
Best answer by sjrcpa

Yes it is a nondeductible IRA. Include Form 8606 with the tax return.

2 replies

George4Tacks
Level 15
July 10, 2020

** Delete *** spoke incorrectly

Answers are easy. Questions are hard!
sjrcpa
sjrcpaAnswer
Level 15
July 10, 2020

Yes it is a nondeductible IRA. Include Form 8606 with the tax return.

The more I know the more I don’t know.