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haygoody
New Member

I want to take the ira deduction-but don't want the mint. How can I get the deduction?

I was online doing my taxes and got to the ira section.  I don't want the mint... How can I just get the deduction on my taxes

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IreneS
Expert Alumni

I want to take the ira deduction-but don't want the mint. How can I get the deduction?

You can either contribute to an existing IRA or create one at the financial institution of your choosing.

Only contributions to a traditional IRA can be deducted on your return.  For 2017, the most that can be contributed to your traditional IRA generally is the smaller of the following amounts:

  •  $5,500 ($6,500 if you are age 50 or older), or
  • Your taxable compensation for the year.

Your traditional IRA contributions may be tax-deductible. The deduction may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels.

 

TurboTax will calculate your deduction for you. 

To enter contributions to a Traditional IRA in TurboTax, please follow these steps:

    1. Click on Federal Taxes > Deductions & Credits 
    2. Scroll down to the Retirement and Investments section and click on the Start/Revisit box next to Traditional and Roth IRA Contributions.  [See Screenshot #1, below.]
    3. On the Traditional IRA and Roth IRA screen, mark the box for Traditional IRA and click Continue[Screenshot #2]
    4. On the screen, Did you Contribute to a Traditional IRA?  click the Yes box.  [Screenshot #3]
    5. Click the appropriate box on Is This a Repayment of a Retirement Distribution?  [Most likely,it isn't.] [Screenshot #4]
    6. On the Tell Us How Much You Contributed screen, enter the amount of your contribution and click Continue.  [Screenshot #5]
    7. Continue through the screens, entering the requested information


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