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Deductions & credits
Thank you for your reply. Much appreciated. I'll try to clarify here. The investment account I have this money in is a regular IRA (as per my 2022 year end From 5498 from my investment advisor) , not a Roth. The revenues I currently receive monthly are from 2 sources: Monthly Social Security and monthly retirement income that I receive as a result of my years in the education arena. I have contributed monthly to my IRA for many years and continue to do so today from my monthly Social Security revenue. I've done my Federal and State tax returns on TurboTax for many years. In preparing my 2022 tax return I always want to properly provide all information for everything that applies to my income and expenses in 2022. Specifically what I'm currently unsure about deals with the Federal Taxes category, the Deductions & Credits subcategory and finally within the Retirement and Investment group. Entering data within the Traditional and Roth IRA Contributions sections, the first 4 sheets of this section are fine. The fifth sheet (Retirement Plan Coverage) asks the following: "Are you covered by a retirement plan at work?" I think my answer should be no since I'm totally retired and not working anywhere. I am also assuming that writing no as my answer, TurboTax will determine (since I have no income in the Wages & only a minal amount of 2021 tax refunds plus a small amount of 2022 reinvested stock dividends) that I won't qualify for any savings for my 2022 investment contributions when I complete the data entry for the Deductions & Credits section. That's how I think this works within TurboTax. I hope this is clearer now but if I'm missing something do not hesitate to let me know. Thank you !