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Returning Member
posted Jan 29, 2019 9:48:49 AM

Question about IRA contribution

I want to know if I contribute to a traditional IRA will I have an adjustment or I will get a tax credit 

or I will get both benefits?

0 1 528
1 Replies
Expert Alumni
Jan 30, 2019 5:35:15 AM

You may get both. First, you will see an adjustment to income by the amount of your contribution. It will be listed on Schedule 1, line 32. Then, you may qualify for a Savers Credit, as your contributions are eligible for this credit. If you meet all the qualifications, it will be listed on Schedule 3, line 51. 

How to look up Schedule 1 or 3?

If you are working online:

  1. Select TaxTools
  2. Select Tools
  3. Select View Tax Summary
  4. Select Preview my 1040 (on the left), scroll down to Schedule 1

 

If you have cd/download: go to Forms (upper right corner) and find 1040 Wks, scroll down to Schedule 1, OR find Schedule 1 and click on it directly