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February 22, 2025
Question

I thought the whole point of mandatory IRA deduction was to pay taxes on it. But my turbotax info doesn't show any taxes due. Is this correct?

  • February 22, 2025
  • 1 reply
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What happens if I report the mandatory deduction but have not paid the IRS tax on it?

    1 reply

    VolvoGirl
    Employee
    February 22, 2025

    Did you make a IRA contribution in 2024?  If you contributed to a Traditional IRA you get to deduct it from your income, not pay tax on it.  If you contributed to a ROTH IRA it is not deductible and won't show up on your return.  

     

    Or are you talking about taking the RMD Distribution from your IRA?  Yes that should be taxable.  Did you get a 1099R for it?  What code is in box 7?