I have income only from a sole proprietorship. According to IRS rules, if I have no retirement plan at work, then I can make a fully deductible Traditional IRA contribution based this income up to the standard deduction limits for 2023 without any reduction based on AGI limits. However, TurboTax Home and Business Step-By-Step does not seem to take this into account, and still uses my AGI to automatically reduce my deduction.
Is this a problem with TurboTax? Do I need to bypass Step-By-Step and enter information directly on the forms? Or am I misinterpreting IRS rules?
