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Deductions & credits
No, if by contributing to a traditional IRA you saved approximately $1,400, then that savings amount should not change based on your response to the question. On the screen in question entitled Tell Us How Much You Contributed, did you include the $7,000 amount in the box, Your total 2022 traditional IRA contribution? Review that question and make sure the $7,000 amount has been entered.
Additionally, on the screen, Choose Not to Deduct IRA Contributions, review your response to ensure that you checked the button, No, I'll keep my deduction.
Lastly, are you covered by a retirement plan at work? If yes, you may still contribute to a traditional IRA; however, the amount you can deduct may be subject to various limits.
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March 7, 2023
11:12 AM