Turbo tax says that if my wife and I contribute to a traditional IRA we get a deduction. But my wife already contributes to a SEP IRA and I was part of a pension plan and 457 plan in 2016.
Depending on your total income you may not qualify for the Traditional IRA deduction.
However, the nice thing about the TurboTax program is you can go to the IRA contribution area and enter a Traditional IRA contribution and find out. Then if you don't just go back and remove the entry. This way you know for sure.
If you do an IRA for 2016, make sure it is designated for 2016 tax year and put in by April 18, 2017.
To enter IRA Contribution ( to see if you qualify)
Click on Federal Taxes
Click on Deductions and Credits
Click on I'll choose what I work on (if shown)
Under Retirement and Investments
On Traditional and Roth IRA Contributions click on the start or update button
Depending on your total income you may not qualify for the Traditional IRA deduction.
However, the nice thing about the TurboTax program is you can go to the IRA contribution area and enter a Traditional IRA contribution and find out. Then if you don't just go back and remove the entry. This way you know for sure.
If you do an IRA for 2016, make sure it is designated for 2016 tax year and put in by April 18, 2017.
To enter IRA Contribution ( to see if you qualify)
Click on Federal Taxes
Click on Deductions and Credits
Click on I'll choose what I work on (if shown)
Under Retirement and Investments
On Traditional and Roth IRA Contributions click on the start or update button