I made contribution ($5500 after-tax money) to my traditional IRA account. How to get tax deductible, need to file 8606 form ?

[AmyT · Accepted solution]

To input IRA contributions:

• Click on Search at the top of your screen
• Enter "Itemized deductions" in the search box (the IRA deduction is not an itemized deduction, but this will get you to the right place)
• The first link that comes up should by Jump to itemized deductions - click on this link
• Scroll down until you come to a box that will allow you Skip to see all tax breaks - click on this
• Scroll down to Retirement and Investments - click on Show more
• Click on Start next to Traditional and Roth IRA Contributions

TurboTax will generate the necessary forms to file with your return for the deduction.

Hint:  Make sure that your financial institution was aware that the IRA funds you deposited were to be applied to the 2016 tax year.