Is my money market savings account contribution deductible on taxes?

[stacybrownell110]

Is my money market savings IRA contributions deductible on taxes?  I opened the account in 2015.

[MollsBBU · Accepted solution]

Yes, if it is a designated traditional IRA account. This can be confirmed with your broker. If it is eligible, you may enter it this way: 

1. Click on the Federal Taxes tab
   (or Personal tab if using Home & Business)
2. Click on Deductions & Credits
3. Check your quick list for Traditional and Roth IRA Contributions and click Start/Edit/Revisit/Update
4. If it is not there, please proceed with the rest of the steps
   Online users may click on Check for other tax breaks, then Jump to full list, Skip to full list or similar verbiage
5. Scroll down to the "Retirement and Investments" section
   Online users may need to click Show more to expand the section
6. Click on Start/Edit/Revisit/Update next to "Traditional and Roth IRA Contributions"
7. TurboTax will walk you through the section.