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Are IRA contributions supposed to directly decrease my gross income on a 1040?
This is NOT through an employer plan, I made the contribution myself in full independently into an IRA I have.
Yes, contributions to a traditional IRA will reduce your Adjusted Gross Income. The deduction may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels. Please see the following for the limits if you had a retirement plan at work as well:
- IRA Deduction if You ARE Covered by a Retirement Plan at Work - 2018
- IRA Deduction if You Are NOT Covered by a Retirement Plan at Work - 2018
Contributions to Roth IRAs are not deductible.
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