Retirement tax questions

There are a number of factors that need to be known and considered.  You say you are not self-employed, but are you an employee covered by a retirement plan?  That may be a factor.  As to contributing or deducting an amount, a plan has to be in place.  Not just selecting something in TT.

 

Here is a like to IRS.  On this page are other links as well as answers to some questions.

 

https://www.irs.gov/retirement-plans/individual-retirement-arrangements-iras

 

https://www.irs.gov/publications/p560

 

https://www.irs.gov/publications/p590a

Hopefully that will provide help to your situation.

 

 

 

**Disclaimer: Effort has been made to offer correct information; but due to the discussion forum limitations, the poster disclaims any legal responsibility for the accuracy of the poster's response**