Regular contribution means to a Traditional IRA versus a Roth IRA. To make an IRA deductible contribution on your 2016 tax return it needs to be made by the due date (April 18. 2017), and must be made to a Traditional IRA (not a Roth IRA) for Tax Year 2016.
You can make one payment, or multiple payments, as long as paid by April 18, 2017. Before you deduct on anything on your taxes, be absolutely sure you are going to make the contribution. TurboTax is trying to help save you money on your taxes and also save for retirement.
Then if you decide to make a Traditional IRA contribution follow these steps:
Assuming the contribution was for a Traditional or Roth IRA -
- Click on Federal Taxes (Personal using Home and Business)
- Click on Deductions and Credits
- Click on I'll choose what I work on (if shown)
- Scroll down to Retirement and Investments
- On Traditional and Roth IRA Contributions, click the start or update button
