To get the deduction for opening (or contributing to) a traditional IRA:Click on Search at the top of your screenEnter "Itemized deductions" in the search box (the IRA deduction is not an itemized deduction, but this will get you to the right place)The first link that comes up should by Jump to itemized deductions - click on this linkScroll down until you come to a box that will allow you Skip to see all tax breaks - click on thisScroll down to Retirement and Investments - click on Show moreClick on Start next to Traditional and Roth IRA ContributionsHint: Make sure that your financial institution was aware that the IRA funds you deposited were to be applied to the 2016 tax year. Note - the contribution to your IRA is not considered an itemized deduction; it is an "above the line" deduction that reduceds your adjusted gross income (AGI).

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jaxspot1970

Level 1

Solved

The only itemized return I have will be my IRA contribution, what is the best and easiest way to handle this?

Forum|Forum|7 years ago
June 1, 2019
1 reply
18 views

No text available

TurboTax Online

Best answer by

To get the deduction for opening (or contributing to) a traditional IRA:

Click on Search at the top of your screen
Enter "Itemized deductions" in the search box (the IRA deduction is not an itemized deduction, but this will get you to the right place)
The first link that comes up should by Jump to itemized deductions - click on this link
Scroll down until you come to a box that will allow you Skip to see all tax breaks - click on this
Scroll down to Retirement and Investments - click on Show more
Click on Start next to Traditional and Roth IRA Contributions

Hint: Make sure that your financial institution was aware that the IRA funds you deposited were to be applied to the 2016 tax year.

Note - the contribution to your IRA is not considered an itemized deduction; it is an "above the line" deduction that reduceds your adjusted gross income (AGI).

Anonymous

Answer

To get the deduction for opening (or contributing to) a traditional IRA:

Click on Search at the top of your screen
Enter "Itemized deductions" in the search box (the IRA deduction is not an itemized deduction, but this will get you to the right place)
The first link that comes up should by Jump to itemized deductions - click on this link
Scroll down until you come to a box that will allow you Skip to see all tax breaks - click on this
Scroll down to Retirement and Investments - click on Show more
Click on Start next to Traditional and Roth IRA Contributions

Hint: Make sure that your financial institution was aware that the IRA funds you deposited were to be applied to the 2016 tax year.

Note - the contribution to your IRA is not considered an itemized deduction; it is an "above the line" deduction that reduceds your adjusted gross income (AGI).