topic Re: Is a cd the same as a ira in Retirement tax questions

Is a cd the same as a ira

jimk5214 — Mon, 23 Feb 2026 14:21:02 GMT

i put 2000.00 in my ira and then transfered my balance to a cd is this deductable

Re: Is a cd the same as a ira

fanfare — Wed, 22 Mar 2023 17:23:54 GMT

IRS does not care what you do with your funds as long as they stay in the IRA account.

you must be eligible for a deduction to deduct the $2,000

If you are eligible, TurboTax will deduct it.

@jimk5214

Re: Is a cd the same as a ira

AliciaP1 — Thu, 23 Mar 2023 16:39:56 GMT

Yes, as long as the CD is specified as an IRA CD you can still claim the $2,000 retirement investment. TurboTax will compare this with all your other information to determine your allowed deduction from the investment.

To enter your IRA deduction into TurboTax Online you can follow these steps:

Sign into your TurboTax account
Open or continue to your return
In the search bar, type ira contributions and select the Jump to link in the search results
We'll take you to the Traditional IRA and Roth IRA screen, where you can start the IRA interview

@jimk5214