Can I deduct IRA contributions?

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:

1. Click on Federal Taxes > Deductions & Credits  [In TT Self-Employed:  Personal > Deductions & Credits > I'll choose what I work on].
2. 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.]
3. On the Traditional IRA and Roth IRA screen, mark the box for Traditional IRA and click Continue.  [Screenshot #2]
4. On the screen, Did you Contribute to a Traditional IRA?  click the Yes box.  [Screenshot #3]
5. Click the appropriate box on Is This a Repayment of a Retirement Distribution?  [Screenshot #4]
6. On the Tell Us How Much You Contributed screen, enter the amount of your contribution and click Continue.  [Screenshot #5]
7. Continue through the screens, entering the requested information.