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Only contributions to a traditional IRA can be deducted on your return. For 2016 the most that can be contributed to a traditional IRA is the smaller of:
You are eligible to contribute to an IRA, regardless of whether you are covered by an employer plan at work, as long as you have earned income and are under age 70-1/2. If you are covered by an employer plan at work the deductions for the contribution may be lower. Don't worry -- TurboTax will calculate the deduction for you.
To enter contributions to a Traditional IRA in TurboTax, please follow these steps:
For more details on IRAs, please see the following IRS Publications:
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