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Deductions & credits
You should enter your Non-Deductible IRA Contributions, since they are reported and tracked on Form 8606.
Reporting them saves you money down the road. That’s because no individual’s money is supposed to be subject to federal income tax twice.
Form 8606 gets it “on the record” that a portion of the money in your IRA has already been taxed. Later on, when you take distributions, a portion of the money you get back will not be subject to income tax.
Here's more info on Form 8606.
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April 7, 2023
4:49 PM