DOB 1-1-1949 Code 7 Single
Open a form 8606 in your return and see if that will cause the contribution to be Non Deductable. Also Code 7, not Code 1,then check the 1099R input as IRA withdrawal.Thanks for your help.If I had not tried 4 years of my software with the same example, I would sure say the software is wrong. This is my first time in 23 years with a client that makes a contribution in the same year as a withdrawal. Thanks for another try. Bob
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This is how I entered the information:
Single
wages - 100,000.00
1099R pension distribution - 12000.00 code 1
adjustments - 3000.00 ira deduction - not covered by plan at work
1040 has AGI of $109,000.
Lind 7 - 100,000.
Line 15b - 12000.
Line 32 - 3000.00
I am using TaxslayerPro software. Hope this helps you.
Linda, EALeave a comment:
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12K IRA Withdrawal 2010 3K Contribution Deductable??
Anyone not to tired willing to try this one in your software. Taxpayer withdrew 12K in January 2010 and then made a contribution prior to filing the 2010 return in February 2011. W/2 income was 100K. I get a 9K rollover amount on 1040 Page one Line 15B. Sounds strange to me. Then I get a form 8606 showing a 3K nondeductable contribution.
An associate using Lacerte put the example in and got 12K taxable Line 15B and a 3K deduction on 1040 Page one Line 32 IRA deductions.
I would appreciate a feed back. I tried this in 4 years of my software and get the same answer. I like my sofeware and no not want to give them a bad name. Please try on your software for me. Thanks Bob
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