topic How do I report a contribution to my IRA on a 1040-SR? in Retirement tax questions

How do I report a contribution to my IRA on a 1040-SR?

jlgleich — Mon, 08 Mar 2021 20:43:34 GMT

Re: How do I report a contribution to my IRA on a 1040-SR?

SweetieJean — Mon, 08 Mar 2021 21:39:16 GMT

To enter your IRA contribution:

On the left side of your screen, click Federal.
At the top of your screen choose Deductions and Credits.
Scroll down to Retirement and Investments.
Click Start on Traditional and Roth IRA Contributions

Just remember that you must have earned income for this. Retirement income does not qualify.

Re: How do I report a contribution to my IRA on a 1040-SR?

RayW7 — Mon, 08 Mar 2021 22:27:57 GMT

To enter your IRA contribution:

On the left side of your screen, click Federal.
At the top of your screen choose Deductions and Credits.
Scroll down to Retirement and Investments.
Click Start on Traditional and Roth IRA Contributions.

In addition when you are in the final stage of your TurboTax filing you will given the opportunity, if available, to see how additional IRA contributions may reduce your Tax.

-for more information follow these links-

What Is IRS Form 5498: IRA Contributions ... - TurboTax

Video: How to Use IRS Form 5498 on a Tax Return - TurboTax ...

What is form 5498