How do I model a tax-deductible traditional IRA contribution?
@gianmatt96 I think this is a Pralana Online question, so I'm moving it to the Pralana Online forum related to "Build" questions. In any case, you can do that via the Build > Income > Employment Income page. You'll notice that one of the fields on each employment income stream relates to your contributions to a tax-deferred account.
Stuart
@smatthews51 But it's not from an employment income stream. It's just a one-time contribution from a savings account into an IRA. I suppose it amounts to the same thing, but I'd have to create multiple periods for the employment income so that the contribution happens only once.
@gianmatt96 You can set up a scheduled withdrawal from the source account into the IRA and specify that it is either a pre-tax or after-tax contribution. You will need to be sure the contribution is permitted under IRS rules. Pralana assumes that if you set it up, it is legit.
@gianmatt96 I see you have subscriptions to both Pralana Online and PRC Excel Gold. For scheduled withdrawals:
- Online added a 'Destination Account' earlier this year
- PRC Gold does not have a 'Destination Account'
@cstone Thanks, I see it now. It's working.
P.S. I don't think I have a subscription to Gold. I was an old Pralana user, and then migrated to Online.
