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ira problem

jimr1
Level 1

ira problem  on 1040 line 8a showing $5480.00 sb10000.00

 is market value affecting this amount.

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Just-Lisa-Now-
Level 15
Level 15

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♥¸¸.•*¨*•♫♪

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3 Comments 3
Just-Lisa-Now-
Level 15
Level 15

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♥¸¸.•*¨*•♫♪
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jimr1
Level 1

t/p invested $10,000.00 to reg.ira both husband &wife line8 a on form 1040 showing 5480.00 instead of 10000.00

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Just-Lisa-Now-
Level 15
Level 15

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♥¸¸.•*¨*•♫♪