Contribution to ira for this year

[IreneS]

UPDATED FOR TAX YEAR 2019

Because of the COVID-19 virus, you have until the tax deadline, July 15, 2020, to make a contribution to an IRA for 2019.  If you are asking how to indicate a contribution to an IRA, please follow these steps:

Only contributions to a traditional IRA can be deducted on your return.  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. 
3. On the Traditional IRA and Roth IRA screen, mark the box for Traditional IRA and click Continue.  
4. On the screen, Did you Contribute to a Traditional IRA?  click the Yes box. 
5. Click the appropriate box on Is This a Repayment of a Retirement Distribution?  
6. On the Tell Us How Much You Contributed screen, enter the amount of your contribution and click Continue. 
7. Continue through the screens, entering the requested information.

Only contributions to a traditional IRA can be deducted on your return.  However, you can enter Roth contributions for tracking purposes.

For more details on IRAs, please see the following IRS Publications:

• Publication 590-A - Contributions to Individual Retirement Arrangements (IRAs)
• Publication 590-B - Distributions from Individual Retirement Arrangements (IRAs)

[Edited | 4/8/2020 |  12:01pm PDT]