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Entering IRA contributions in a 1040 return in ProSeries

by Intuit•21• Updated 3 months ago

Calculations and limitations addressed in this article may be impacted by inflation adjustments for the year. To see the IRS annual inflation adjustments for tax year 2023 and 2024 see here.

To enter traditional IRA contributions:

  1. Open the tax return.
  2. Press F6.
  3. Type in IRA and press Enter to open the IRA Contribution Worksheet.
  4. Traditional IRA Contributions are entered on lines 1-11.
  5. Lines 12-18 will show you the deductible and nondeductible portions of the contributions.
  6. Select the QuickZoom from line 13 to see how the deductible portion is calculated.

To enter Roth IRA contributions:

  1. Open the tax return.
  2. Press F6.
  3. Type in IRA and press Enter to open the IRA Contribution Worksheet.
  4. Roth IRA Contributions are entered on lines 19-27.
  5. Any Excess Roth IRA contributions will show on line 30.

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:

ira-contributions-proseries.png

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

ira-deductions-proseries.png

Or the Worksheet for Social Security Recipients:

social-security-ira-contributions-proseries.png

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