Can we write of money we put into a retirement fund every month?

Question

Where do we enter it in Turbo Tax?

Answer 1

If the money comes out of your pay and is paid through your work, usually there is no tax paid on it, so there will be no deduction for it on your tax return.

If you pay into a retirement fund directly yourself, then there may be a deduction depending on the type of retirement fund. The deductible investment is the Traditional IRA, but there are others that are not deductible.

Show a tax preparer your W2 and your statement from the retirement account if you get one, and the preparer will be able to tell whether you have a deduction or not.

Answer 2

Regine16r, as you go through the Turbo Tax program, there are places for retirement fund contributions, if you contribute to one through your employer, like ninasgram said it will be entered where you enter the w-2 information,etc. If you contribute to one on your own, there is a page where it will ask you how much you contributed in that year! the program will compute the entries automatically for you, I love the turbo tax program! I do my taxes every year with it!