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Sam Khan
Level 2

How do I enter my Traditional IRA amount?

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.

7 Replies
VolvoGirl
Level 15

How do I enter my Traditional IRA amount?

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
Level 2

How do I enter my Traditional IRA amount?

Thank you.

Sam Khan
Level 2

How do I enter my Traditional IRA amount?

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

macuser_22
Level 15

How do I enter my Traditional IRA amount?

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?

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
Sam Khan
Level 2

How do I enter my Traditional IRA amount?

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
Level 15

How do I enter my Traditional IRA amount?

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
Level 15

How do I enter my Traditional IRA amount?


@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.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
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