叶 烨
我儿子上大一， 同时做矿工。学费没帮上忙， 我便帮他报税。忘了 IRA Contributions 怎么报， 便问 ChatGPT。来回逗圈， 只好问 DeepSeek。DS 好一丢丢，还是指错方向。转问 Grok， 哇塞，简明呃要，直中要害。
>>>>> ChatGPT 》》》》》
>> ira contribution goes to which line in 1040
ChatGPT said:
If you’re making a contribution to a Traditional IRA, it is reported on Form 1040 as an adjustment to income. Specifically, it goes on:
Form 1040, Line 14: This is where you report IRA deductions.
The amount you contribute to your IRA (up to the annual limit) will be entered here, reducing your taxable income.
You will need to fill out Form 8606 (if applicable) to report the contribution, especially if it involves a non-deductible IRA contribution or you have basis in your IRA.
If you are contributing to a Traditional IRA and are eligible for the deduction, the amount will directly reduce your adjusted gross income (AGI).
Let me know if you need help with that form or any further details!
You said:
which line in 8606 to put the $6500 contribution
ChatGPT said:
For a Traditional IRA contribution of $6,500, you would report it on Form 8606 if you’re making a non-deductible IRA contribution or if you need to track basis in your IRA.
However, if you’re making a deductible contribution, it should be reported directly on Form 1040, Line 14 (as we discussed earlier), and Form 8606 wouldn’t be required.
But if the contribution is non-deductible (which happens when your income exceeds the limits for a deductible contribution), here’s how to report it on Form 8606:
Form 8606, Part I: Non-deductible Contributions to Traditional IRAs
Line 1: Enter the total contribution to the IRA. For example, if you contributed $6,500, enter $6,500.
Line 2: Enter the basis (if any) from previous years (this would be the amount of any prior non-deductible contributions you made).
Line 3: Subtract Line 2 from Line 1 to calculate the amount that is a non-deductible contribution. This amount will be used to track basis in the IRA for future years.
This process helps track any non-deductible contributions you make to ensure you don’t pay tax again when you withdraw those amounts.
If your contribution is deductible and you don’t need to track any basis, you don’t need Form 8606.
Let me know if you’d like more details on any part of this process!
You said:
it’s deductible, so no need 8606, yet Line 14 = Line 12 + Line 13, it’s not for reporting ira contributions
ChatGPT said:
You’re absolutely right, and I apologize for the confusion earlier.
When making a deductible IRA contribution, you do not need to use Form 8606. Instead, for Form 1040:
IRA deductions (deductible contributions) are reported on Form 1040, Line 14. However, as you mentioned, Line 14 on Form 1040 is for adjustments to income and is not specifically for IRA contributions.
To clarify:
Form 1040, Line 14 includes a total of several adjustments to income, such as IRA contributions, student loan interest, etc. The IRA deduction amount is included in this total, which is why you may see the total amount from Line 12 (adjustments) and Line 13 (other deductions) reflected on Line 14.
For a deductible IRA contribution:
If you’re eligible for a full deduction, Form 1040, Line 14 will include your IRA contribution as part of the overall adjustments to income, along with other allowable adjustments.
You do not need to file Form 8606 unless you’re dealing with non-deductible contributions or if you have other special situations, such as IRA basis tracking.
Thanks for pointing that out, and let me know if you’d like further details!
You said:
so the ira contributions do not need to be reported in line 12 or 13 at all?
ChatGPT said:
You’re correct again! IRA contributions do not need to be reported on Line 12 or 13 of Form 1040 directly.
Here’s a breakdown of where to report IRA contributions:
IRA Contribution Reporting on Form 1040:
Line 12 (Total Income):
Line 12 reports total income, not adjustments to income like IRA contributions.
IRA contributions do not go here.
Line 13 (Adjusted Gross Income, AGI):
Line 13 is where your Adjusted Gross Income (AGI) is calculated, but again, it doesn’t directly reflect IRA contributions unless they’re part of the adjustments to income.
Line 14 (Adjustments to Income):
The amount of your deductible IRA contribution is included in Line 14, under adjustments to income.
This amount is added to the total of other adjustments (such as student loan interest, self-employed health insurance, etc.) that reduce your gross income and lead to your AGI.
Key Point:
IRA contributions are not directly listed on Lines 12 or 13 of Form 1040. Instead, the deductible IRA contribution reduces your income via the adjustments to income (on Line 14).
The amount of the IRA contribution will be reported separately on Line 14 in the adjustments to income section, which then reduces your overall AGI.
So, while the IRA contribution does affect the calculation of your AGI, it’s not reported on Line 12 or 13 specifically, but instead as part of the total adjustments on Line 14.
Let me know if you need further clarification!
>>>>> DeepSeek 》》》》》
>> where to report ira contributions in form 1040
>> You report your IRA contributions on Form 1040 in two places, depending on whether they are traditional IRA or Roth IRA contributions:
1. Traditional IRA Contributions
Deductible Contributions: If you qualify for a deduction, report the amount on Line 20 of Form 1040 (labeled IRA deductions).
Nondeductible Contributions: If you made nondeductible contributions (e.g., due to income limits), you must also file Form 8606 (Nondeductible IRAs) to track your basis.
2. Roth IRA Contributions
Roth IRA contributions are not deductible, so they do not appear on the main Form 1040.
However, if you qualify for the Saver’s Credit (Retirement Savings Contributions Credit), you may report contributions (both traditional and Roth) on Form 8880 and claim the credit on Schedule 3 (Line 4), which flows to Form 1040 (Line 38).
Where to Find It on Form 1040 (2023 Version):
Traditional IRA deduction: Line 20
Saver’s Credit (Form 8880): Schedule 3 → Line 4 → Form 1040, Line 38
>>>>> Grok 》》》》》
>> where to report deductible ira contributions in form 1040
>> Deductible IRA contributions are reported on Form 1040, Line 20 (as of the 2024 tax year, based on the most recent standard layout of the form). However, there’s a bit more to it:
Form 1040, Schedule 1: You first calculate and report your IRA deduction on Schedule 1 (Additional Income and Adjustments to Income), specifically on Line 20. This line is labeled “IRA deduction.” You’ll enter the amount of your deductible contribution here.
Transfer to Form 1040: The total from Schedule 1, including your IRA deduction, gets carried over to Form 1040, Line 10 (“Adjustments to income”). This reduces your adjusted gross income (AGI), which is a key figure for determining your taxable income.