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Help with IRA discount

I was told i was eligable for 5500 deduct if i signed up for IRA account. Said sign up here and come back we will have everything saved.. went through scottrade and came back nothing.
1 Reply
Level 15

Help with IRA discount

TurboTax is showing you that if you make an IRA contribution for the 2016 tax year (by the due date of the return) it can save you on your taxes.  Make absolutely sure you are going to contribute the money.  Opening an IRA without making the deduction will not impact your taxes.

If yo make a contribution to an IRA (or are going to) then you enter that dollar amount of contribution into TurboTax and it will re-compute your taxes.   

To enter IRA deduction

  • Click on Federal Taxes (Personal using Home and Business)
  • Click on Deductions and Credits 
  • Click on I'll choose what I work on (if shown)
  • Under Your Retirment & Investments
  • Traditional and Roth IRA contributions, click on the start or update button

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