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IRA distribution and IRA contribution

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    #1

    IRA distribution and IRA contribution

    Clients took out some IRAs in 2015. Now they want to put into IRA's for 2015. Husband is not working, but wife has enough to put in for both. She is covered at work. I've tried figuring out the deductible amount she can put in, but even with the software keep getting different answers. when I figure modified adjusted gross, do I take out taxable social security before subtracting from the $118,000, the multiplying by 32.5%?
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    #2
    Can't

    Can't address your software issue, maybe contact the software company if software problem.

    But does this IRS link help with IRA scenario (excludes your software problem)?

    Retirement topics - IRA contribution limits | Internal Revenue Service
    https://www.irs.gov/Retirement-Plans/Plan-Participant,-Employee/Retirement-Topics-IRA-Contribution-Limits
    Information about IRA contribution limits. Learn about tax deductions, IRAs and work retirement plans, spousal IRAs and more.
    Last edited by TAXNJ; 03-31-2016, 09:13 PM.
    Always cite your source for support to defend your opinion

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