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 )
LEARN MORE ABOUT: IRA Accounts
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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....
Timothy Sumer is a philanthropist and motivational speaker empowering young entrepreneurs across the nation. He speaks on starting new businesses and the importance of branding in the digital age. Timothy Sumer has a BA in Accounting from NYU and a Masters in Information Technology from MIT. Tim enjoys traveling around the globe, driving exotic sports cars, molecular gastronomy, exploring new cultures, and keeping on top of the latest technology trends. Hope you enjoy Timothy Sumer's page :)