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ramshar1
Level 1

Contribution to Traditional IRA 2020 5k

Got a tax reduction after saying that i contributed to Trad IRA for 5K. When does Turbo tax demand proof of this IRA contribution ? does that happen at all.  as i plan to invest in Fidelity.  However i dont see a form to input my trad ira details. ?   I am at the efile stage now ?  Please advise ..

1 Best answer

Accepted Solutions
DanaB27
Expert Alumni

Contribution to Traditional IRA 2020 5k

You will enter your IRA contribution information without a form. You and the IRS will receive Form 5498 for the contributions but this form will not be entered into TurboTax.

 

  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
  5. Answer all follow-up questions.
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3 Replies
DanaB27
Expert Alumni

Contribution to Traditional IRA 2020 5k

You will enter your IRA contribution information without a form. You and the IRS will receive Form 5498 for the contributions but this form will not be entered into TurboTax.

 

  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
  5. Answer all follow-up questions.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

ramshar1
Level 1

Contribution to Traditional IRA 2020 5k

Thanks for the prompt response on form 5498 which makes sense.  However when mentioned answer all questions for Trad IRA , did you mean review the questions /answers or really answer form.  As i could not locate a form to answer all questions

DanaB27
Expert Alumni

Contribution to Traditional IRA 2020 5k

I was referring to the interview questions in TurboTax after you select "traditional IRA". If you answered them already then you do not need to go over them again.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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