Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jun 6, 2019 3:27:36 AM

I took a distribution from my IRA in 2016. Can I make an IRA contribution before April 2017 to reduce my taxes?

0 7 2118
1 Best answer
Employee Tax Expert
Jun 6, 2019 3:27:37 AM

Yes, assuming you would otherwise be qualified to make a IRA contribution, then you can do so by the due date of the return, 4/18/17, for tax year 2016.

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-li...

7 Replies
Employee Tax Expert
Jun 6, 2019 3:27:37 AM

Yes, assuming you would otherwise be qualified to make a IRA contribution, then you can do so by the due date of the return, 4/18/17, for tax year 2016.

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-li...

Level 15
Jun 6, 2019 3:27:38 AM

You must also be qualified for a deductible contribution.

New Member
Jun 6, 2019 3:27:40 AM

I am qualified and when I put the deduction in the field before dec 31, turbotax lets me take the credit, but if I put it in the field Jan 1 2017 - 4/17/2017 , it does not let me take the deduction. I don't understand. It must be a bug.

Employee Tax Expert
Jun 6, 2019 3:27:41 AM

Do you have entries in both fields? Ex: Total 2016 contribution is 4000 and the portion of the above contribution is also 4000.

Employee Tax Expert
Jun 6, 2019 3:27:43 AM

*portion that is btw 1/1/17 - 4/18/17 is also 4000

New Member
Jun 6, 2019 3:27:44 AM

Yes - I did

Employee Tax Expert
Jun 6, 2019 3:27:46 AM

Contact live help. They can share your desktop, to 'see' what else might be preventing the deduction.  <a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/1899263-what-is-the-turbotax-phone-number">https://ttlc.intuit.com/questions/1899263-what-is-the-turbotax-phone-number</a>