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Yes, traditional IRA contributions are an above-the-line deduction and may directly reduce your reported wages, reducing your taxable income. For some incomes, this might allow you to qualify for other deductions and credits due to a lower adjusted gross income (AGI). Roth IRA contributions aren't deductible.
You don't need Form 5498. If you (or your spouse, if filing a joint tax return) are covered by an employer-sponsored retirement plan, there's a phase-out range. Depending on your income, you may only deduct part or even none of the IRA contribution. How much is deductible?
Where do I enter IRA contributions?
To enter your 2023 IRA contributions (money you put into your IRA):
Because you can make contributions for 2023 up to April 15, 2024, most IRA trustees don't issue the form 5498 until May. You report your contributions on your tax return from your own records. The IRS gets a copy of form 5498, and may or may not double check your work later.
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