Solved
I just went through the process of opening an IRA that was advertised while processing my taxes. I am to receive a credit of $5500. How and where is this documented?
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To get the deduction for opening a traditional IRA:
- Click on Search at the top of your screen
- Enter "Itemized deductions" in the search box (the IRA deduction is not an itemized deduction, but this will get you to the right place)
- The first link that comes up should by Jump to itemized deductions - click on this link
- Scroll down until you come to a box that will allow you Skip to see all tax breaks - click on this
- Scroll down to Retirement and Investments - click on Show more
- Click on Start next to Traditional and Roth IRA Contributions
Hint: Make sure that your financial institution was aware that the IRA funds you deposited were to be applied to the 2016 tax year.
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