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taylormade4u1
New Member

I chose the standard deduction option but would like to make an IRA contribution to reduce my tax liability. Can you please help me?

 
1 Reply
KrisD
Intuit Alumni

I chose the standard deduction option but would like to make an IRA contribution to reduce my tax liability. Can you please help me?

The IRA contribution is an adjustment, which means it is not reported on the schedule A, Itemized Deductions, it is reported on line 32 on form 1040.

It can lower your Adjusted Gross Income (AGI) which could lower your tax liability.

You can choose the "Standard Deduction" and still deduct the IRA contribution.

To enter the IRA contribution,

Sign into your account

Take me to my return

Pick up where I left off

Type " ira contributions " in the search box on the top right of the screen

Click on "Jump to ira contributions" on the drop-down list

(Please see screen shot below)

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