On what line will you find a deduction on your 1040?

Forum|Forum|1 year ago
January 24, 2025
2 replies
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where would you find your individual retirement account?

Best answer by VolvoGirl

A Traditional IRA contribution is deductible on Schedule 1 line 20 which goes to 1040 line 10.

Enter IRA contributions under

Federal On left

Deductions and Credits

Then scroll down to Retirement and Investments

Traditional and ROTH IRA Contributions - Click the Start or Update button

VolvoGirlAnswer

Employee

A Traditional IRA contribution is deductible on Schedule 1 line 20 which goes to 1040 line 10.

Enter IRA contributions under

Federal On left

Deductions and Credits

Then scroll down to Retirement and Investments

Traditional and ROTH IRA Contributions - Click the Start or Update button

DoninGA

Employee

To enter a IRA contribution -

Click on Federal Taxes (Personal using Home and Business)
Click on Deductions and Credits
Click on I'll choose what I work on (if shown)
Scroll down to Retirement and Investments
On Traditional and Roth IRA Contributions, click the start or update button

Eligible contribution will be on Schedule 1 Line 20 which flows to Form 1040 Line 10