Traditional and Roth IRA Contributions
Menu Path: Deductions/Credits > Common Deductions/Credits > IRA Contributions
IRAs are Individual Retirement Accounts that help you set aside money for retirement. If you made contributions to an IRA, enter your contributions on the IRA Contributions screen.
Types of IRAs
Contribution Limits & Deadlines
If you're younger than 50, you can contribute up to $7,000 each year to your IRA. If you are 50 or older, you can contribute up to $8,000 to your IRA each year.
If you contributed more than $7,000 ($8,000 if 50 or older) to your IRA in 2025, you may owe a penalty on the excess contributions. To avoid this penalty, you need to withdraw any excess contributions on or before the due date (or extended due date, if applicable) of your 2025 return.
You can make IRA contributions on or before April 15, 2026 and designate those IRA contributions to apply to your 2025 tax return.
Retirement Savings Credit
IRA contributions are sometimes eligible for the Retirement Savings Contribution Credit (see Retirement Savings Credit). Roth IRA contributions may be limited based on filing status and income.
Can I include 401(k) contributions as IRA contributions?
IRAs are Individual Retirement Accounts that help you set aside money for retirement. If you made contributions to an IRA, enter your contributions on the IRA Contributions screen.
Types of IRAs
- Traditional IRA: If you contribute to a traditional IRA account, you can receive a deduction for contributions you make, so you get a tax benefit the year you make the contribution. You're not taxed until later when you take a distribution from the IRA.
- Roth IRA: If you contribute to a Roth IRA account, you don't receive a deduction when you make the contribution. The tax benefit comes when you take a distribution. Roth IRA distributions are tax-free as long as you are at least 59 1/2 and have had the Roth IRA account for at least five years, or if you meet the first-time homebuyer exception.
Contribution Limits & Deadlines
If you're younger than 50, you can contribute up to $7,000 each year to your IRA. If you are 50 or older, you can contribute up to $8,000 to your IRA each year.
If you contributed more than $7,000 ($8,000 if 50 or older) to your IRA in 2025, you may owe a penalty on the excess contributions. To avoid this penalty, you need to withdraw any excess contributions on or before the due date (or extended due date, if applicable) of your 2025 return.
You can make IRA contributions on or before April 15, 2026 and designate those IRA contributions to apply to your 2025 tax return.
Retirement Savings Credit
IRA contributions are sometimes eligible for the Retirement Savings Contribution Credit (see Retirement Savings Credit). Roth IRA contributions may be limited based on filing status and income.
Can I include 401(k) contributions as IRA contributions?
