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

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

posted

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

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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.

Will TurboTax software let me report excess contributions to my Roth IRA in 2023 that I withdrew (along with earnings) in 2024? I won't get a 1099R showing this until '25

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