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May 4, 2020
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IRA credit

  • May 4, 2020
  • 1 reply
  • 18 views

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

    Best answer by macuser_22

    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.

     

    1 reply

    macuser_22
    Alumni - Champ
    Alumni - Champ
    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.**