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February 16, 2021
Question

what is considered taking a portion of an IRA contribution

  • February 16, 2021
  • 2 replies
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2 replies

February 16, 2021

Yes, you can contribute to an IRA if you have taxable compensation, such as wages, salaries, commissions, tips, bonuses, or net income from self-employment.

 

The total contributions you make each year to all of your traditional IRAs  and Roth IRAs can't be more than:

  • $6,000 ($7,000 if you're age 50 or older), or
  • If less, your taxable compensation for the year

Please see Can I contribute to both a traditional and a Roth IRA? for additional information.

 

  1. Login to your TurboTax Account 
  2. Click on the Search box on the top and type “IRA contributions”
  3. Click on “Jump to IRA contributions"

 

If this does not answer your question then please provide more details.

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February 23, 2021

Even though no RMD was required for 2020, I took out a portion. Just how should this be entered into TORBO TAX 2020?

VolvoGirl
Employee
February 23, 2021

Just  the same as normal.  Since there is no RMD required for 2020,  after you enter the 1099R say it was NOT an RMD