Well now I'm confused as to why the tax software isn't catching this.

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Mar 25, 2020
11:43:36am

JuicyJam All-American

Well now I'm confused as to why the tax software isn't catching this.

I'm definitely entering my 401k and HSA contributions, but they aren't being used to calculate the AGI.

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JuicyJam

Previous username: jensen46
Bio page: JuicyJam
Joined: Mar 14, 2016
Last login: May 2, 2024
Total posts: 28,346 (1,182 FO)

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Messages

Author

Time

POLL: Is your current household income above $150K?

mwcoug

3/25/20 10:40am

As far as the IRS knows, no

Nikomedes

3/25/20 10:40am

RE: As far as the IRS knows, no

garyfan

3/25/20 10:41am

Well they do now

Kelbob

3/25/20 10:46am

The NSA has intercepted this message and federal agents are en route.

Pro Logic

3/25/20 10:47am

RE: As far as the IRS knows, no

ReyOso

3/25/20 10:48am

It’s not income right? It’s agi? Which probably means closer to 200k in income

cougarfann888

3/25/20 10:41am

Idk, my AGI is pretty close to my overall gross.

JuicyJam

3/25/20 10:56am

Your AGI can be significantly lower, ex. if you max out 401k and HSA thats $25k

BYUFootballisBack

3/25/20 10:59am

Well if that's true, I'm an idiot. My 401k and HSA contributions haven't been

JuicyJam

3/25/20 11:19am

Student loan interest, hsa, retirement contributions. If you are making over 150

cougarfann888

3/25/20 11:29am

Well now I'm confused as to why the tax software isn't catching this.

JuicyJam

3/25/20 11:43am

Which software are you using? Also are if they are being pulled out by your

BYUFootballisBack

3/25/20 1:30pm

Why is CB so obsessed with this issue?

Corn Pop

3/25/20 10:42am

Probably because it's a huge topic in the news today

mwcoug

3/25/20 11:13am

Current, or 2018 (2019 if filed)?

BYUCLA

3/25/20 10:43am

is that the official cutoff for stimulus money?

buckeyecougarguy

3/25/20 10:49am

It looks like, rather than a cutoff, there's a reduction beyond the $150k

Breaded Hamster

3/25/20 11:03am

Yep $5 reduction for every $100 you make over $150k up to $198, but looks like

BYUFootballisBack

3/25/20 11:10am

Median Household Income in Utah = $62.5K

CosmoK

3/25/20 10:51am

Pretty clear the Utes are dragging the average down.

chago04

3/25/20 10:53am

That includes a lot of students I would assume

MikeDitka'sStache

3/25/20 10:53am

It includes every household. So, yeah.

CosmoK

3/25/20 10:59am

I had a one time thing in 2019 that puts me into phase out territory.

Ojiisan

3/25/20 10:52am

Same here.

jrob30

3/25/20 10:55am

Same here. One timer in 2018 and haven't filed yet in 2019

irmocoug

3/25/20 11:05am

Wow, a lot more over 150K than I would have thought. One day, my friends...one day...

BlueBlood94

3/25/20 11:03am

Lots of people live in expensive places like SF, Seattle, and NY

Breaded Hamster

3/25/20 11:06am

If they are buying real estate, they are building wealth, though.

CosmoK

3/25/20 11:10am

Per month?

3/25/20 11:28am

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