I want to take the ira deduction-but don't want the mint. How can I get the deduction?

haygoody — Sat, 01 Jun 2019 14:51:20 GMT

I was online doing my taxes and got to the ira section. I don't want the mint... How can I just get the deduction on my taxes

You can either contribute to an existing IRA or create on...

IreneS — Sat, 01 Jun 2019 14:51:22 GMT

You can either contribute to an existing IRA or create one at the financial institution of your choosing.

Only contributions to a traditional IRA can be deducted on your return. For 2017, the most that can be contributed to your traditional IRA generally is the smaller of the following amounts:

$5,500 ($6,500 if you are age 50 or older), or
Your taxable compensation for the year.

Your traditional IRA contributions may be tax-deductible. The deduction may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels.

TurboTax will calculate your deduction for you.

To enter contributions to a Traditional IRA in TurboTax, please follow these steps:

Click on Federal Taxes > Deductions & Credits
Scroll down to the Retirement and Investments section and click on the Start/Revisit box next to Traditional and Roth IRA Contributions. [See Screenshot #1, below.]
On the Traditional IRA and Roth IRA screen, mark the box for Traditional IRA and click Continue. [Screenshot #2]
On the screen, Did you Contribute to a Traditional IRA? click the Yes box. [Screenshot #3]
Click the appropriate box on Is This a Repayment of a Retirement Distribution? [Most likely,it isn't.] [Screenshot #4]
On the Tell Us How Much You Contributed screen, enter the amount of your contribution and click Continue. [Screenshot #5]
Continue through the screens, entering the requested information

topic I want to take the ira deduction-but don't want the mint. How can I get the deduction? in Retirement tax questions

I want to take the ira deduction-but don't want the mint. How can I get the deduction?

You can either contribute to an existing IRA or create on...