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Is my IRA contribution included in the amount of my Itemized Deductions? It seems like that amount is low ($1,807) even though I contributed $6,000 to my Traditional IRA.
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Is my IRA contribution included in the amount of my Itemized Deductions? It seems like that amount is low ($1,807) even though I contributed $6,000 to my Traditional IRA.
No, a deductible IRA contribution is not reported as an Itemized Deduction. It is reported on Schedule 1 Line 20. The total from Schedule 1 Part II flows to your Form 1040 Line 10 as an Adjustment to Income.
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Is my IRA contribution included in the amount of my Itemized Deductions? It seems like that amount is low ($1,807) even though I contributed $6,000 to my Traditional IRA.
IF the IRA contribution is deductible then it is not reported as an Itemized Deduction. It is reported on Schedule 1 Line 20. The total from Schedule 1 Part II flows to your Form 1040 Line 10 as an Adjustment to Income. If the contribution is NOT deductible it is reported on the form 8606 and does NOT affect the return at all.
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Is my IRA contribution included in the amount of my Itemized Deductions? It seems like that amount is low ($1,807) even though I contributed $6,000 to my Traditional IRA.
You get the IRA deduction in addition to the standard deduction or itemized deduction. That is, for the IRA deduction, it doesn't matter whether you claim the standard or itemized deductions. You still get the IRA deduction. The IRA deduction is technically an "adjustment" to income. But it still results in a $6000 reduction in income before tax is calculated.
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Is my IRA contribution included in the amount of my Itemized Deductions? It seems like that amount is low ($1,807) even though I contributed $6,000 to my Traditional IRA.
Thank you all! Makes sense...
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