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New Member
posted Mar 4, 2020 10:38:29 AM

HOW TO REPORT FROM 5489 TRADITIONAL IRA TO DEDUCT TAX?

In TuborTax mentions: don't enter from 5489; thus, my question is: I have TRADITIONAL IRA that help deducts from my Gross income before tax; how can I report TRAD IRA to get my benefit?

thanks

0 3 1373
3 Replies
Expert Alumni
Mar 4, 2020 10:56:15 AM

This is how to enter your Traditional IRA contribution:

  1. Use the search box in the upper right corner to search for IRA contributions.
  2.  Click on Jump to IRA contributions.
  3.  Check the type of accounts you have, then click Continue.
  4.  On the screen that says, Tell Us How Much You Contributed at the top, enter your contribution made for 2019
  5. Keep going through the section, and answer the remaining questions.

New Member
Mar 4, 2020 3:07:08 PM

THANKS

Expert Alumni
Mar 4, 2020 7:00:35 PM

Actually you are asking about form 5498. Form 5498 reports your total annual contributions to an IRA account and identifies the type of retirement account you have, such as a traditional IRA, Roth IRA, SEP IRA or SIMPLE IRA. Form 5498 will also report amounts that you roll over or transfer from other types of retirement accounts into this IRA.

 

This is an informational form and is not a tax document that you report in your tax return.