I need to contribute traditional IRA amount but Turbo Deluxe did not walk me through IRA form. Where do I find form so that I can enter IRA amount. I need to contribute $5000 to cut down my tax refund. I believe limit is $7000.
You can type ira contributions in the search bar at the top and it will give you a JUMP TO link to go right to it.
OR Enter IRA contributions under
Federal On left
Deductions and Credits
Then scroll down to Retirement and Investments
Traditional and ROTH IRA Contributions - Click the Start or Update button
You only file a 8606 if you do NOT want to deduct it and get a tax break.
Do you mean that you want a *lower* (less) refund? What is your goal?
@Sam Khan wrote:
I want to pay less money as I am paying quite bit due to Marketplace health insurance. How do I reduce my money that I need to pay IRS?
Simply enter your contribution as VolvoGirl instructed above. The last screen in the IRA contribution interview will tell you if you qualify for a deduction or not and the reason.