AmyC
Expert Alumni

Get your taxes done using TurboTax

The 8606 is only generated when you have non-deductible contributions. This means something went wrong. Income, data entry, or other oddity of nature, created a taxable IRA.

 

For data entry, see Where do I enter my Traditional or Roth IRA?

For income, if neither of you had a retirement plan available, there is no phaseout. Click the blue phaseouts that limit the IRA deduction. 

 

Deductible contributions to a traditional IRA will show up on your  sch 2 as an adjustment to income on line 19 titled IRA deduction.

 

Saver's Credit
Individuals may be able to take a tax credit of up to $1,000 if they make eligible contributions to an IRA.

 

 

@GLynch

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