I have both Roth and Traditional IRAs. I was advised that I could make a contribution to my IRA by April 15 and it would reduce my taxable income. But when I filed 2024 using TurboTax, the system wouldn't alow it.
Is it true that contributions to an individual retirement account reduce the amount of taxable income? I was really counting on that, but ended up owing federal income tax.
Thank you
