I have an IRA that I don' get a1099 for. I am at a place where it says I could get a tax break for having an IRA. Can I use this one? And how and where do I enter it?

kjm33606162 · ‎June 4, 2019

macuser_22 · ‎June 4, 2019

No.

You only get a 1099-R if you take a distribution from a retirement account.

Only new Traditional IRA contributions that you make from your earned compensation (money that you worked for) can be used to make a deductible IRA contribution, not to exceed $5,500 ($6,500 of over age 50).

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

View solution in original post

macuser_22 · ‎June 4, 2019

No.

You only get a 1099-R if you take a distribution from a retirement account.

Only new Traditional IRA contributions that you make from your earned compensation (money that you worked for) can be used to make a deductible IRA contribution, not to exceed $5,500 ($6,500 of over age 50).

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

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I have an IRA that I don' get a1099 for. I am at a place where it says I could get a tax break for having an IRA. Can I use this one? And how and where do I enter it?