How to Claim Traditional IRA Deductions

Taxpayers that contribute to a traditional IRA may be eligible to deduct the contributions as an adjustment to income.

If covered by an employer retirement plan, the deduction has a phase out. For more information see IRS Publication 590 A.

 

To claim traditional IRA deductions:

1. From within the return select Add Form
2. Click the Index tab & Enter topic description IRA
3. Double click IRA Contributions (RET SCH 1) to add form to return 

   

4. On the IRA Contributions worksheet, enter the total amount of Traditional IRA contributions for the Taxpayer and Spouse. The deductible IRA Contribution calculates to the 1040.