Yes, traditional IRA contributions are an above-the-line deduction and may directly reduce your reported wages, reducing your taxable income. For some incomes, this might allow you to qualify for other deductions and credits due to a lower adjusted gross income (AGI). Roth IRA contributions aren't deductible.
You don't need Form 5498. If you (or your spouse, if filing a joint tax return) are covered by an employer-sponsored retirement plan, there's a phase-out range. Depending on your income, you may only deduct part or even none of the IRA contribution. How much is deductible?
Where do I enter IRA contributions?
To enter your 2023 IRA contributions (money you put into your IRA):
- Sign in to your TurboTax account.
- Open or continue to your return.
- In the search bar, type ira contributions and select the Jump to link in the search results.
- We'll take you to the Traditional IRA and Roth IRA screen, where you can start the IRA interview.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
