Entering IRA contributions in a 1040 return in ProSeries

Contributions to a Traditional and Roth IRA have several limits that would make contributions excess. Some possible limitations include:

• The General Limit, limits contributions to the smaller of: $6,000 ($7,000 if age 50 or older), or the individuals taxable compensation for the year.
• The Age Limit, limits contributions made in the year the taxpayer turns 70 1/2 and any later year will also be considered excess.
• The Spouse IRA Limit on Married Filing Joint returns, limits contributions to $6,000 ($7,000 if age 50 or older), or the total compensation includable in the gross income of both taxpayer and spouse for the year, reduced by the spousal IRA contribution for the year to a traditional IRA and any contributions for the year to a Roth IRA on behalf of the spouse.
• The Modified AGI Limit, limits contributions if covered by a retirement plan at work.  Contributions are phased based on modified AGI and filiing status. See IRS Pub. 590-A and IRS Pub. 590-B for additional information..
• If there's a contribution to a Roth IRA and a Traditional IRA, the Roth IRA contributions will be considered excess contributions depending on the above factors (age, total contribution limits).
• If the taxpayer lived with the spouse or filed a joint return, and the spouse is covered by a retirement plan at work modified AGI limitations exist. See IRS Pub. 590-A and IRS Pub. 590-B for additional information.

Traditional and Roth IRA contributions should be entered on the IRA Contributions Worksheet:

Traditional and Roth IRA deductions are computed on the IRA Deduction Worksheet:

Or the Worksheet for Social Security Recipients: