How do I track IRA contributions


One way to reduce your taxes is to contribute to an IRA (if you're eligible). The tax planner can track your IRA contributions and see how they affect your tax situation. However, note that IRA information isn't automatically included in your Tax Planner data, because the Tax Planner needs you to determine your eligibility first.


Your filing status, income level, and whether you contributed to a company-sponsored retirement plan (such as a 401(k) plan) help determine how much of your contributions, if any, are tax-deductible.


For help in determining whether any or all of your contributions may be tax-deductible, you can check the sources below.

  • TurboTax help
  • IRS Publication 590



For the final say on how much you can contribute and how much of your contribution is tax-deductible, check with your tax advisor.

 

If you find that you can deduct some or all of your IRA contributions, follow these steps:



Make sure your IRA account is linked to the correct tax line item

  1. Choose Tools menu > Account List.
  2. Click the Edit button next to the IRA account you want work with.
  3. In the Account Details dialog, click Tax Schedule.
  4.  Verify the tax attributes for this account.

Tell the Tax Planner to include your IRA contributions

  1. Click the Planning tab.
  2. Click the Tax Center button.
  3. Click Show Tax Planner.
  4.  In the list on the left, select Adjustments.
  5.  Click Allowable IRA Deduction.
  6.  In the Data Source area, select the appropriate option:

    ◦Select User Entered if you can deduct only part of your IRA contributions. Enter the amount you can deduct in the field provided (for example, enter 500 if you can deduct only $500.00).

    ◦Select Quicken Data if your entire contribution is tax-deductible. Quicken Data defaults to No projected amount. This is correct.

 

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