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Form 8822 Turbotax Fill in

Form 8822 Turbotax Fill in

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Instructions and help about Form 8822 Turbotax Fill In

Hello, I’m Tammy from Turbo Tax with some information for taxpayers who put money into an individual retirement arrangement. Did you put money aside for your retirement this year into an IRA account? If you did, you may be able to deduct some of those contributions on your federal tax return. When you make contributions to an IRA, it’s likely that you will receive a Form 5498 from the organization that manages your retirement account. It may appear to be confusing at first, but for purposes of figuring out your deduction— you don’t need to focus on every piece of information reported on the form. But before we even get to the important boxes on your 5498, you should first understand the difference between a traditional IRA and a Roth IRA. With a traditional IRA,a certain amount of the contributions you make each year may be tax deductible. However, when you reach retirement age, you must report all IRA withdrawals on your tax return and pay the tax on it. With a Roth IRA it’s

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