To enter X's traditional IRA contribution credit in TurboTax, to either take a deduction, or track your basis if your income is too high to take a deduction.
Follow these steps in TurboTax Online:
- Navigate to Federal > Deductions & Credits > Retirement and Investments > Traditional IRA and Roth IRA > Start or Revisit
- Choose Traditional IRA box and select Continue.
- On the Is This a Repayment of a Retirement Distribution? screen, choose No.
- On the Tell Us How Much You Contributed screen, enter the amount contributed and select Continue.
- On the Did You Change Your Mind? screen, select No, then answer the questions on the following screens.
Here is some more information about IRAs: Deductions Allowed for Contributions to a Traditional IRA
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