Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
gchall825
New Member

Does adding catch-up funds to my IRA reduce my taxable income?

 
1 Reply
Marketstar
Level 7

Does adding catch-up funds to my IRA reduce my taxable income?

You may be able to reduce your taxable income by adding catch up funds to a Traditional IRA, and you have until April 17, 2018 to do so.

When you enter a contribution into TurboTax, the program will let you know if and how much of the contribution is deductible- you can then view the result on the refund meter.

You should make the above determination before you purchase or add to an IRA

To enter an IRA into TurboTax:

·       Type in ira contributions in the search box, top right of your screen 

·       Hit the Enter key

·       Click jump to ira contributions in the search results

·       Follow the prompts and online instructions

Make sure you are past the blue Pick up where I left off button when you enter the above.

 

 


About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.46m
Members

2.57m
Discussions

Manage cookies
v