IRA Contribution..

[taxguy057]

Got a client that wants to make a contribution to their Traditional IRA before Apr 15th for 2009. I found the worksheet and filled out info and Form 8606 with the estimated amount he wants to put in but no changes occurred on 1040. I must be doing something wrong please help...

TG

[Margaret CPA in OH]

I assume that you are talking about the IRA/Roth worksheet. Does it show the maximum amount that can be contributed on the Contributions tab? Form 8606 is only for Nondeductible Contributions (Part I), Conversions (Part II) and Distributions (Part III). If the contribution was nondeductible, there would be no change on the 1040. If deductible, the worksheet will show the amount allowed.

[TAXBILLY]

Why are you filling out a 8606?

taxbilly

[taxguy057]

well it referenced 8606 in the worksheet so i pulled it to look at it. Now he also contributed to his Roth IRA too which i know is not deductible.

[kcjenkins]

You do not need the 8606 if he's making a normal deductible contribution to his IRA. Any part that goes to the ROTH will not show on the return, because it's not deductible. But as long as he does not exceed the limits [both contributions count against the limits], the regular IRA portion will show on the front page of the 1040.