Can I deduct my entire traditional IRA contribution if the transaction confirmation says “sales charge 5.75% we have acted as agent”?

[mcco180]

This is for a 2023 contribution made in 2024, so I won’t receive my tax documents until after I need to file.

[RachelW33]

Yes, you can deduct your entire Traditional IRA contribution for 2023 even though there was a 5.75% sales charge.

[dmertz · Accepted solution]

RachelW33 is correct.  Regular IRA contributions can only be made in cash, so the sales charge occurred within the IRA and simply represents a reduction in the value of your investments in the IRA.