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Self employed
Yes, a sole proprietor with no retirement plan, you can make IRA deductions provided the business has the income to support it. The program should give you the full deduction unless you have marked a retirement plan available somewhere in the program. Check through the forms to be sure an errant mark did not appear. To see your forms:
- In desktop, switch to Forms Mode.
- For online, see How do I preview my TurboTax Online return before filing?
See Retirement Plans as you may want to add another retirement plan. You qualify for more options with higher limits and many can be opened until April 15 for last year, just like the traditional IRA.
You mention having a Traditional IRA. A traditional IRA will reduce your taxable income as opposed to a ROTH.
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‎February 16, 2024
6:37 PM