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Traditional IRA contribution to reduce adjusted gross income
I am doing my 2020 federal taxes. Currently my AGI is $178,302. I worked and contributed to a 401k retirement plan during the first 3 months of 2020. I retired on 3/31/2020. During those 3 months of employment I earned $38985.99 in wages and contributed $1850.50 to a designated Roth under a 401k plan.
I am interested in making traditional IRA contribution to reduce my AGI. I am under the impression that I can make such a contribution of $0.00 up to $7,000.00 before April 15, 2021 and can apply that to the 2020 tax year.
If that is true, where do I specifically enter that contribution amount? I am using Turbo Tax Deluxe.
March 31, 2021
1:08 PM