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New Member
posted Apr 8, 2021 6:31:41 PM

I'm over age 65. I contributed $7000 to my IRA for 2020. Why does this not appear as a deduction on my 1040 ?

My taxable income was <$60k. TurboT advised me to take standard deduction.

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2 Replies
Expert Alumni
Apr 8, 2021 7:28:20 PM

May I assume that you have earned income, and not just SS and pensions?

 

Please look at this IRS page describing the deduction levels for traditional IRAs.

 

Oh, you did indicate a traditional IRS and not a Roth IRA, right? Contributions to a Roth IRA are never deductible.

Level 15
Apr 9, 2021 8:40:33 AM

A qualifying IRA contribution is not an itemized deduction reported on Schedule A.   Rather, it appears on Schedule 1, line 19.  This, in turn, ends up on Form 1040, line 10a.

2020 Schedule 1 (Form 1040) (irs.gov)

2020 Form 1040 (irs.gov)