The Motley Fool Discussion Boards
Investing/Strategies / Retirement Investing
|Subject: midnight taxes||Date: 2/11/1998 12:11 PM|
|Author: fundad||Number: 1727 of 77564|
Never a good idea, but I was close to finishing so I kept going past midnight on the taxes last night. I ran into something and I'm not sure if it's a software glitch or a mushware glitch (as in mush between my ears)
Anyway, our AGI's close to 50K, and we're in a 401K plan, so the deductability of our traditional IRA's '97 contributions is fading out. I used a 'what if' approach, plugging in different numbers to find the highest deductible contribution, and the software would let me split a total of $480 into the taxpayer and spouse IRAs (240 each) but wouldn't let me put in 0 & 480.
I thought the IRS was more concerned with the total, and didn't care about how it was distributed.
So is this a software glitch, a mushware glitch or an IRS feature?
|Copyright 1996-2015 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|