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Line 32 of my 1040 I entered my 6500 Roth IRA contribution said I did not qualify of this deduction and that line is blank on Adjusted Gross income? Got 6500 credit 2016


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Line 32 of my 1040 I entered my 6500 Roth IRA contribution said I did not qualify of this deduction and that line is blank on Adjusted Gross income? Got 6500 credit 2016
Did you make a traditional IRA contribution (TIRA) or a Roth IRA contribution?
TIRA contributions are eligible for a deduction (shown on line 32 of 1040), but Roth IRA contributions are not deductible. In addition, there are other constraints that may effect whether you can deduct a TIRA contribution. See below links.
If you made a TIRA contribution, navigate back to the IRA section and verify your entries so that line 32 reflects the deduction.
If you made a Roth IRA contribution but wish it to be a TIRA in order to receive the deduction and are otherwise eligible for the deduction, contact your custodian and re-characterize the Roth contribution before the due date of your return.
https://www.irs.gov/retirement-plans/ira-deduction-limits
https://ttlc.intuit.com/questions/1899355-what-s-the-difference-between-a-traditional-ira-and-a-roth
**Mark the post that answers your question by clicking on "Mark as Best Answer"
- Mark as New
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Line 32 of my 1040 I entered my 6500 Roth IRA contribution said I did not qualify of this deduction and that line is blank on Adjusted Gross income? Got 6500 credit 2016
Did you make a traditional IRA contribution (TIRA) or a Roth IRA contribution?
TIRA contributions are eligible for a deduction (shown on line 32 of 1040), but Roth IRA contributions are not deductible. In addition, there are other constraints that may effect whether you can deduct a TIRA contribution. See below links.
If you made a TIRA contribution, navigate back to the IRA section and verify your entries so that line 32 reflects the deduction.
If you made a Roth IRA contribution but wish it to be a TIRA in order to receive the deduction and are otherwise eligible for the deduction, contact your custodian and re-characterize the Roth contribution before the due date of your return.
https://www.irs.gov/retirement-plans/ira-deduction-limits
https://ttlc.intuit.com/questions/1899355-what-s-the-difference-between-a-traditional-ira-and-a-roth
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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