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New Member
posted Jun 6, 2019 1:56:42 AM

How can I deduct IRA contribution?

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1 Best answer
Employee Tax Expert
Jun 6, 2019 1:56:43 AM

Only Traditional IRA contributions may be deductible on your taxes. Roth IRA contributions are not deductible.

Please see instructions below to enter your IRA contributions:

https://ttlc.intuit.com/replies/4792466

The general limit for traditional IRA contributions is the smaller of the following amounts:

  • $5,500 ($6,500 if you are age 50 or older), or
  • Your taxable compensation for the year.

1 Replies
Employee Tax Expert
Jun 6, 2019 1:56:43 AM

Only Traditional IRA contributions may be deductible on your taxes. Roth IRA contributions are not deductible.

Please see instructions below to enter your IRA contributions:

https://ttlc.intuit.com/replies/4792466

The general limit for traditional IRA contributions is the smaller of the following amounts:

  • $5,500 ($6,500 if you are age 50 or older), or
  • Your taxable compensation for the year.