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If i just opened a new IRA yesterday how do i get the tax credit?

 
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1 Best answer

Accepted Solutions
AmyT
New Member

If i just opened a new IRA yesterday how do i get the tax credit?

To get the deduction for opening a traditional IRA:

  • 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

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

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1 Reply
AmyT
New Member

If i just opened a new IRA yesterday how do i get the tax credit?

To get the deduction for opening a traditional IRA:

  • 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

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

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