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Topic: IRA and Form 1040

j
Member

posted 01-29-2001 09:07 AM

How do I get an IRA contribution to show on Form 1040 in order to get the deduction?

I transferred $2000 from a savings account to IRA cash account; then made a $2000 investment. The transfer does not show up on Form 1040; but the investment shows up properly. I have checked the tax code for my IRA cash account and it is form 1040. Even changing the balance on the IRA cash account does not do it.

What should I do?

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Renee
Member

posted 01-30-2001 11:25 AM

The "Form 1040 Summary" report has a section called "Payments to an IRA" that lists each of the accounts that has a tax code of "IRA Account." The amount shown for these accounts on the "Form 1040 Summary" comes from the Asset & Liablity Information screen.

The contribution amount does NOT automatically get put in the asset & liability information.

You need to manually put the amount of the contribution (usually $2,000) in Asset & Liability Information for the IRA account.

Select Accounts | Asset & Liability Info
Select the IRA account.
Enter the amount of the contribution on line 10, "Yrly Contrib".
Make sure that the format type is either IRA/Keogh/Retire plans (23) or IRA/Keogh Securities (24).
Go to Accounts | Tax Code Changes.
Select the IRA account.
Verify that the tax code is "IRA."

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Renée Trudeau
Financial Navigator Service Provider

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