I received a small amount of self employment income on my k-1.( line 14). How (where) do I take an ira deduction on turbotax based on this income?

posted

Connect with an expert

1 Reply

I received a small amount of self employment income on my k-1.( line 14). How (where) do I take an ira deduction on turbotax based on this income?

The self-employment income should qualify you for a Traditional IRA deduction. In TurboTax Premium Online, follow these steps:

Down the left side of the screen, click Federal.
Down the left side of the screen, click Deductions & Credits.
Click the down arrow to the right of Retirement and Investments.
Click to the right of Traditional and Roth IRA Contributions.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Still have questions?

Questions are answered within a few hours on average.

Post a Question

*Must create login to post