How do you enter traditional IRA contributions into Turbo Tax on schedule 1?
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You can enter your IRA contribution in Deductions and Credits, Retirements and Investments, Traditional and Roth IRA Contributions:
Your IRA deduction can be limited if you also contribute to a company-sponsored retirement plan. It depends on the amount and the type of income you report.
A taxpayer is considered to be a participant in a company-sponsored retirement plan if their account balance receives any contributions at all in a given year, even if all the contributions were made by the employer.
Form 1040, line 10a is where you enter income adjustments from Schedule 1. This amount is subtracted from your total income to get your adjusted gross income (AGI). The total income is over 125,000 but when you subtract trad IRA contributions on line 10a the AGI is now under 125,000 so the trad IRA contributions (e.g. $7000) should be deducted from the total income to get an AGI of 118,000. IRS states the MAGI has to be 125+ before IRA contributions aren't allowed.
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