How do I enter my Traditional IRA amount?

[Sam Khan]

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.

[VolvoGirl]

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

[Sam Khan]

Thank you.

[Sam Khan]

Thank you, one more question. What is Nondeductible IRAs form 8606? When do you fill this up? 

[macuser_22]

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]

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? 

[VolvoGirl]

Did you make a IRA contribution for 2019 or you want to make one now so you can deduct it?  I don't know the current new 2020 rules on making contributions for 2019. 

[macuser_22]

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@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? 

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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.