jimr1
Level 1
03-24-2020
04:48 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
ira problem on 1040 line 8a showing $5480.00 sb10000.00
is market value affecting this amount.
Solved! Go to Solution.
Labels
Just-Lisa-Now-
Level 15
03-24-2020
04:50 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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♥¸¸.•*¨*•♫♪
jimr1
Level 1
03-24-2020
04:58 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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-
Level 15
03-24-2020
05:00 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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♥¸¸.•*¨*•♫♪