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Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.
Note: For more information regarding how compensation is calculated for a married filing joint client who is contributing to an IRA, refer to Compensation calculation for computing IRA contributions for a married filing joint client .
Complete the following steps to enter a Traditional IRA contribution.
- In Screen IRA, choose the applicable code in the Covered by a retirement plan? field. Additional information
- Either enter the contribution amounts in the Traditional IRA Contribution field, or choose the applicable code in the Have program compute IRA deduction field.
Note: Choosing Code 1 or Code 2 in the Have program compute IRA deduction field overrides amounts entered in the Traditional IRA contribution field.
- The calculation of deductible and nondeductible contributions displays on the Traditional IRA Deduction Worksheet.
Note: If the return contains Social Security income, the deductible and nondeductible contributions are calculated on Worksheet 2 For Social Security Recipients Who Contribute To An IRA. You can view the form in the SSW folder (Worksheet 2 tab) in Forms view.
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