IRA credit

knedwards · ‎May 4, 2020

I saw we owed 2,700 s I opened IRA for $3000. It made no change in the amount owed

macuser_22 · ‎May 4, 2020

What type of IRA? Only Traditional IRA contributions for 2019 made in 2020 are deductible for 2019. You also must instruct the IRA trustee that it is a 2019 contribution.

Enter IRA contributions here:
Federal Taxes,
Deductions & Credits,
I’ll choose what I work on (if that screen comes up),
Retirement & Investments,
Traditional & Roth IRA contribution.

OR Use the "Tools" menu (if online version under My Account) and then "Search Topics" for "ira contributions" which will take you to the same place.

**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.**

View solution in original post

macuser_22 · ‎May 4, 2020

What type of IRA? Only Traditional IRA contributions for 2019 made in 2020 are deductible for 2019. You also must instruct the IRA trustee that it is a 2019 contribution.

Enter IRA contributions here:
Federal Taxes,
Deductions & Credits,
I’ll choose what I work on (if that screen comes up),
Retirement & Investments,
Traditional & Roth IRA contribution.

OR Use the "Tools" menu (if online version under My Account) and then "Search Topics" for "ira contributions" which will take you to the same place.

**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.**