turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

rcpainter
New Member

I am filing Single, can I take both the standard deduction and an IRA contribution (to reduce taxable income)?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies

I am filing Single, can I take both the standard deduction and an IRA contribution (to reduce taxable income)?

Yes the IRA contribution is separate from schedule A deductions.  IRA goes on Schedule 1 line 20 which goes to 1040 line 10 before the Standard Deduction is subtracted.

MinhT1
Expert Alumni

I am filing Single, can I take both the standard deduction and an IRA contribution (to reduce taxable income)?

Yes.

 

In order to contribute to an IRA, you need to have earned income.

 

In you have a retirement at work, your ability to deduct your contribution depends on your Modified Adjusted Gross Income (MAGI).

 

Please read this IRS document for more information.

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question