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Deductible v. non-deductible IRA
I contributed to a traditional IRA in early 2020 (for 2019) and immediately converted it to a Roth. I did not contribute to any employer-sponsored retirement accounts for 2019 (e.g., 401k). In reporting the traditional IRA on my tax return for 2019, it is asking me if I'd like to make these IRA contributions nondeductible. Can I? I assume that because I converted the IRA to a Roth (to be reported on my 2020 return after I get my 1099-R), I can't take the deduction. Am I wrong?
Thanks!
‎July 14, 2020
8:29 AM