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Retirement tax questions
Yes - for a Traditional IRA (not Roth). However, if you were covered by an employer retirement plan, your deduction for the contributions might be limited.
If you are--
Single, and your modified adjusted gross income is:
- $61,000 or less - You get the full deduction
- more than $618,000 but less than 71,000 - partial deduction
- $71,000 or more - no deduction
Married filing joint return, and your modified adjusted gross income is:
- $98,000 or less - You get the full deduction
- more than $98,000 but less than $118,000 - partial deduction
- $118,000 or more - no deduction
Married filing separately*, and your modified adjusted gross income is:
- less than $10,000 - partial deduction
- $10,000 or more - no deduction
To enter contributions to a Traditional IRA in TurboTax, please follow these steps:
- Click on Federal Taxes > Deductions & Credits [In TT Self-Employed: Personal > Deductions & Credits > I'll choose what I work on].
- Scroll down to the Retirement and Investments section and click on the Start/Revisit box next to Traditional and Roth IRA Contributions. [See Screenshot #1, below.]
- On the Traditional IRA and Roth IRA screen, mark the box for Traditional IRA and click Continue. [Screenshot #2]
- On the screen, Did you Contribute to a Traditional IRA? click the Yes box. [Screenshot #3]
- Click the appropriate box on Is This a Repayment of a Retirement Distribution? [Screenshot #4]
- On the Tell Us How Much You Contributed screen, enter the amount of your contribution and click Continue. [Screenshot #5]
- Continue through the screens, entering the requested information.
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‎June 6, 2019
6:51 AM