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Can i deduct an IRA contribution I made in 2023 in my 2022 taxes in TurboTax?

I've heard that I can deduct IRA contributions on my 2022 taxes right up until April 18, 2023.

I see in TurboTax documentation that IRA contributions are only deducted in TT from form 1099-R. 

Does this mean I can't deduct the IRA contributions I make in 2023 on my 2022 taxes in TT.  (I owe a lot, it would be helpful.)

 

Thanks!

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2 Replies
DanaB27
Expert Alumni

Can i deduct an IRA contribution I made in 2023 in my 2022 taxes in TurboTax?

Yes, you can make traditional IRA contributions for 2022 until April 18th, 2023.

 

Yes, your traditional IRA contributions may be tax-deductible. But the deduction may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels. Please see IRA deduction limits for details.

 

To enter traditional IRA contributions:

 

  1. Login to your TurboTax Account 
  2. Click on "Search" on the top right and type “IRA contributions” 
  3. Click on “Jump to IRA contributions"
  4. Select “traditional IRA
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Can i deduct an IRA contribution I made in 2023 in my 2022 taxes in TurboTax?

Please inform the custodian of your IRA which year you are donating to.

Then report the contribute on that year's tax return.

 

@berliner6 

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