If your employer offers a tax-deferred retirement plan, such as a traditional 401(k) or 403(b), contributions you make to the plan are generally pre-tax and are not included in your taxable wages. Because these contributions are already excluded from income, they are not deductible on your tax return.
You may still be able to make a deductible contribution to a traditional IRA, depending on your income, filing status, and whether you are covered by a workplace retirement plan. Review the IRA Contributions section of the program to determine your eligibility. A deductible IRA contribution can reduce your taxable income. You may also qualify for the Saver’s Credit, depending on your income.
After you enter the required information, the program will calculate the deductible amount, if any. For additional information, refer to IRS Publication 590-A.
To enter or review your IRA contribution entries in the TaxAct program, follow these steps.
Online
Dashboard
From within your TaxAct return, click Resources.
On smaller devices, click the menu at the top left corner of your screen, then make your selection.
Under My Return, click Federal Search.
Click the IRA Contributions drop-down, then click the appropriate IRA contribution type.
Complete the rest of the interview process.
Classic
From within your TaxAct return, click Federal.
On smaller devices, click the menu at the top left corner of your screen, then make your selection.
Click the IRA Contributions drop-down, then click the appropriate IRA contribution type.
Complete the rest of the interview process.
Desktop
From within your TaxAct return, click Federal.
Click the IRA Contributions drop-down, then click the appropriate IRA contribution type.
Complete the rest of the interview process.
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