Tax deduction question

[p-ravneet]

I dont have Ira from my employer so i have opened individual ira by my self. I am singlr and head of family, can i take my contribution as deduction before filling tax?

[IreneS · Accepted solution]

Yes. However, only contributions to a traditional IRA can be deducted on your return.  To enter contributions to a Traditional IRA in TurboTax, please follow these steps:

1. Click on Federal Taxes > Deductions & Credits  [In TT Self-Employed:  Personal > Deductions & Credits > I'll choose what I work on].
2. Scroll down to the Retirement and Investments section and click on the Start/Revisit box next to Traditional and Roth IRA Contributions.  
3. On the Traditional IRA and Roth IRA screen, mark the box for Traditional IRA and click Continue.  
4. On the screen, Did you Contribute to a Traditional IRA?  click the Yes box.  
5. Click the appropriate box on Is This a Repayment of a Retirement Distribution? 
6. On the Tell Us How Much You Contributed screen, enter the amount of your contribution and click Continue. 
7. Continue through the screens, entering the requested information.

[Edited | 4/8/2020 |  10:50am PDT]