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Retirement tax questions
IF the IRA contribution is deductible then it is not reported as an Itemized Deduction. It is reported on Schedule 1 Line 20. The total from Schedule 1 Part II flows to your Form 1040 Line 10 as an Adjustment to Income. If the contribution is NOT deductible it is reported on the form 8606 and does NOT affect the return at all.
‎July 16, 2023
12:41 PM