New (tax) year, new help!

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.

Question

How do I enter a nondeductible contribution to a traditional IRA?

Answer

In Screen IRA (Retirement folder), enter the amount of the contribution in the Total traditional IRA contribution field, the applicable amount in the Designated nondeductible contributions (Force) field, and your client's traditional IRA basis in the Traditional IRA basis field if this is not a first-year nondeductible contribution.

Related topic: Individual retirement account FAQs (1040)

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