What is a "regular contribution" for a Traditional IRA?

[edavis-j]

When it got to the tax deduction portion for the IRA's, it brought us to the page where we could open mint and find a place to create an IRA and it says you can get an additional deduction on your taxes.  We figure, sounds like a win/win, open a retirement account and get a larger deduction.

So on the TurboTax page it asks if we plan on making a regular contribution to the IRA by April 2017.  When it says regular, does that mean a single deposit, a monthly deposit, or is there some other guidelines or stipulations on what fulfills that?  Does a specific amount of money need to be deposited to meet the requirements?

[MichaelL1 · Accepted solution]

Regular contribution means to a Traditional IRA versus a Roth IRA.  To make an IRA deductible contribution on your 2016 tax return it needs to be made by the due date (April 18. 2017), and must be made to a Traditional IRA (not a Roth IRA)  for Tax Year 2016.  

You can make one payment, or multiple payments, as long as paid by April 18, 2017.  Before you deduct on anything on your taxes, be absolutely sure you are going to make the contribution.  TurboTax is trying to help save you money on your taxes and also save for retirement.

Then if you decide to make a Traditional IRA contribution follow these steps:

Assuming the contribution was for a Traditional or Roth IRA -

• Click on Federal Taxes (Personal using Home and Business)
• Click on Deductions and Credits 
• Click on I'll choose what I work on (if shown)
• Scroll down to Retirement and Investments
• On Traditional and Roth IRA Contributions, click the start or update button

[edavis-j]

Thank you very much.  Simple answer for a simple person like me.