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New Member
posted Jun 6, 2019 1:51:00 AM

If you put money into an IRA brokerage account from taxed income, It need to be counted as pretax on my returns to avoid paying tax on my contributions, is there a spot?

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1 Best answer
New Member
Jun 6, 2019 1:51:02 AM

Are your IRA contributions reported on your W-2 box 12? If so, take a look at your paystub because usually the term pretax is used because your contributions were not included in your wages in box 1.  This means that you won't get a deduction for the contributions because you never paid tax on the income.

If you did pay tax on your income and then made your own contributions outside of your employer, to a retirement plan, then enter your contributions following the steps below.

  1. Click Take me to my return
  2. Select the Federal Taxes tab and then click the Deductions & Credits tab below it
  3. Scroll down to the Retirement and Investments section and click the blue hyperlink Show more
  4. Click Start/Revisit next to Traditional and Roth IRA Contributions. Simple IRA contributions are traditional IRAs and entered in the software as such

1 Replies
New Member
Jun 6, 2019 1:51:02 AM

Are your IRA contributions reported on your W-2 box 12? If so, take a look at your paystub because usually the term pretax is used because your contributions were not included in your wages in box 1.  This means that you won't get a deduction for the contributions because you never paid tax on the income.

If you did pay tax on your income and then made your own contributions outside of your employer, to a retirement plan, then enter your contributions following the steps below.

  1. Click Take me to my return
  2. Select the Federal Taxes tab and then click the Deductions & Credits tab below it
  3. Scroll down to the Retirement and Investments section and click the blue hyperlink Show more
  4. Click Start/Revisit next to Traditional and Roth IRA Contributions. Simple IRA contributions are traditional IRAs and entered in the software as such