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J
jjm-cffsllc-com
Level 1
April 9, 2024
Question

Why is Proseries considering a $7500 traditional IRA contribution for a 60 year old as excessive and taxable at 6%

  • April 9, 2024
  • 2 replies
  • 19 views
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2 replies

IRonMaN
IRonMaN
Level 15
April 9, 2024

Because based on the information loaded into the return, the client didn't qualify for the contribution?

Slava Ukraini!
    Just-Lisa-Now-
    Just-Lisa-Now-Intuit Community Champion
    Intuit Community Champion
    April 9, 2024

    look at the IRA contribution worksheet and follow the money through the computation.

     

    ♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
      J
      jjmcgiii50
      Level 2
      April 9, 2024

      On the IRA Contribution Worksheet the maximum is $7,500 per taxpayer.  Line 1 is $7,500, Line 5 is $7,500, Line 9 is $7,500, Line 12 is $0.  On the IRA Deduction Worksheet, Lines 3 and 4 are $7,500 for each taxpayer; Lines 10 and 16 are $0.

      Just-Lisa-Now-
      Just-Lisa-Now-Intuit Community Champion
      Intuit Community Champion
      April 9, 2024

      I cant follow that.   Look at the worksheet between Lines 13 and 14, those quickzoom buttons should show you the calculation that makes the amount in excess.

      ♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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