I am trying to understand why the deduction for my '23 IRA Contribution of $7500 seems low. It doesn't appear that the '23 Premier version is giving me credit for the full amount of the deduction, which I believed would reduce my taxes dollar-for dollar. I am married, filing jointly. I have entered that I am not covered by a retirement plan at work, but that my wife is covered by one at hers. We are under the $218,000 AGI threshold. The full $7500 contribution appears to only reduce my tax bill by $1769, which seems low. Is this correct, or is there possibly a bug in the software? Thank you for any help you can offer.
