Calculation of IRA contribution amount
The calculation is the same when using the calculated traditional IRA deduction option as when entering a traditional IRA contribution amount. Enter
1
or 2
in the Have program compute IRA contribution
field in the IRA
window. UltraTax CS makes the calculation as follows:- The IRA contributions for the taxpayer or spouse with the higher compensation.
- The IRA contributions for the taxpayer or spouse with the lesser compensation.
- The maximum allowable deduction without regard to the traditional IRA contributions entered.
When you select the traditional IRA deduction option and there is data for the traditional IRA contribution amount, the system overrides amounts in the
Traditional IRA contribution
field in the IRA
window.
