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How do I get turbo tax to allow a deduction for my contribution to a traditional IRA. I am a phd student and Turbo tax is not allowing the deduction.

 
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4 Replies

How do I get turbo tax to allow a deduction for my contribution to a traditional IRA. I am a phd student and Turbo tax is not allowing the deduction.

Do you have any income?   You need earned income from W2 wages or a Net Profit on Schedule C for self employment income.  

How do I get turbo tax to allow a deduction for my contribution to a traditional IRA. I am a phd student and Turbo tax is not allowing the deduction.

I have taxable fellowship stipend income. Pub 590-a states that certain non tuition stipend payments not reported on W2 are treated as taxable compensation for this purpose.  My stipend is taxable.

AmyC
Employee Tax Expert

How do I get turbo tax to allow a deduction for my contribution to a traditional IRA. I am a phd student and Turbo tax is not allowing the deduction.

You are correct pub 590-A does state that taxable stipend income is allowed for the contribution. I was able to get the traditional IRA deduction. Follow these steps:

  1. Open your return to the federal income section
  2. Look under Less common Income
  3. Select Miscellaneous, Income
  4. Select other income not already reported on a W2
  5. Other wages, YES, continue, continue, continue
  6. Any other earned income,  wages YES, continue
  7. Select Other for Other income, continue
  8. Enter stipend and amount, done

You can now go to the deductions section and enter your IRA.

 

 

 

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How do I get turbo tax to allow a deduction for my contribution to a traditional IRA. I am a phd student and Turbo tax is not allowing the deduction.

Thanks so much!

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