How to Report an IRA Contribution that is Not Deductible to Turbo Tax

How to report a non-deductible contribution to Turbo Tax. I noticed a lot of folks were having the same problem I did. If Turbo Tax doesn't prompt you to give this information the first time around you have to go back and find it yourself. Here's how I solved the problem and I hope it helps you!...(read more)

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Individual Retirement Accounts (IRAs) offer a great way to save for retirement while enjoying tax benefits. IRAs come in two types: deductible and non-deductible. While a deductible IRA contribution can reduce your taxable income, a non-deductible IRA contribution cannot. If you have made a non-deductible IRA contribution, you will need to report it on your tax return. The good news is that TurboTax, the popular tax preparation software, makes it easy to report non-deductible IRA contributions. Here is a step-by-step guide on how to report a non-deductible IRA contribution to TurboTax: Step 1: Enter your personal information When you start a new tax return in TurboTax, you will be asked to enter your personal information such as your name, address, and social security number. Make sure you have your IRA contribution statement handy as you will need to enter the amount of your non-deductible contribution. Step 2: Navigate to the Deductions & Credits section Once you have entered your personal information, select the Deductions & Credits tab in TurboTax. Then, select the Retirement & Investments option. Step 3: Enter your non-deductible IRA contribution Under the Retirement & Investments section, you will see an option to Enter Contributions to Traditional IRAs. While a non-deductible IRA contribution is not deductible on your taxes, you still need to report it to the IRS. Select this option and enter the amount of your non-deductible IRA contribution. Step 4: Verify your IRA contribution After entering your non-deductible IRA contribution, TurboTax will ask you to verify the information you have provided. Make sure to review the information carefully to ensure that everything has been entered correctly. Step 5: Complete the rest of your tax return Once you have reported your non-deductible IRA contribution, you can continue with the rest of your tax return. TurboTax will guide you through the process of reporting any other income, deductions, and credits. In conclusion, reporting a non-deductible IRA contribution to TurboTax is easy and straightforward. Make sure to have your contribution statement on hand and follow the steps outlined above to ensure that you report your non-deductible contribution accurately. By doing so, you can make sure that you are paying the right amount of taxes and not leaving any money on the table. https://inflationprotection.org/how-to-report-an-ira-contribution-that-is-not-deductible-to-turbo-tax/?feed_id=85695&_unique_id=6431100692c7b #Inflation #Retirement #GoldIRA #Wealth #Investing #8606 #backdoorconversion #form8606 #howtotriggerform8606 #NondeductibleIRAcontributions #rothconversion #taxes #turbotax #turbotax #BackdoorRothIRA #8606 #backdoorconversion #form8606 #howtotriggerform8606 #NondeductibleIRAcontributions #rothconversion #taxes #turbotax #turbotax

"Is Birch Gold Group a Reliable Choice for Your 2023 Gold IRA Investments?" - A Quick Review #shorts

In this Birch Gold Group review video, I go over what makes this Gold IRA company unique, the pros and cons, their fees, minimums, and much more. Get their free guide here: 👉 FREE Resources: ➜ Gold IRA Company Reviews: Birch Gold Group boasts high ratings from consumer advocate groups. With an A-plus rating from the Better Business Bureau, a triple-A rating from the Business Consumer Alliance, and high marks from Trust Link, Trustpilot, and Google Business, Birch Gold is a top choice to trust your hard-earned retirement savings. Birch Gold Group’s low initial investment minimum is another edge it has over its competitors whose minimums can range from $25,000 to $50,000. A beginning $10,000 minimum investment is all that is required to start a GOLD IRA with Birch which is advantageous for first-time investors. Spanning nearly two decades, Birch Gold Group’s mission and philosophy focus on a commitment to understanding your needs and finding the right fit for you. Their

New York Times Company Continues to Add Online Subscribers at a Steady Clip

Business News by Timothy Sumer - The company’s first quarter results showed total paid subscriptions reaching 4.5 million. Online ad revenue rose 19 percent, to $55 million, thanks, in part, to “The Daily” podcast. from NYT > Business https://nyti.ms/304QC2w via Timothy Sumer

Should I Rollover My 401k to an IRA? YES! #shorts #retirement #financialfreedom

Should I Rollover My 401k to an IRA? YES! #shorts #retirement #financialfreedom Should I Rollover My 401k to anIRA 🤔 || 401k to IRA Rollover Pro's & Con's In this video, I want to talk about rolling over your 401k to an IRA Rollover and if that makes sense for your retirement planning . I want to look at the pro's to rolling over a 401k and also the con's to rolling over a 401k. When you should rollover your 401k to an IRA and when you should NOT rollover your 401k to an IRA. Let's talk about when you should NOT rollover your 401k to an IRA: 1. You are still working and are under the age of 59.5 2. You are 55 and considering retirement (Rule 55) 3. Increased creditor protection in a 401k 4. 401k's offer loans--IRA's do not offer loans Why you SHOULD rollover your 401k to an IRA 1. More investment choices in IRA over 401k 2. Lower investment fees 3. Convert IRA to Roth IRA (Roth IRA Conversion) 4. Consolidation from multiple 401k'

Timothy Sumer

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