in [Event] Ask the Experts: Tax Law Changes - One Big Beautiful Bill
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Yes, if you make a contribution to the traditional IRA then your traditional IRA contributions may be tax-deductible. But 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 IRA deduction limits for details.
For 2022 the total contributions you make each year to all of your traditional IRAs and Roth IRAs can't be more than:
If you make traditional IRA contributions you will enter them with the steps below (do not enter your 401(k) contributions in this section they are already recorded when you enter your W-2):
Enter amounts shown in box 12 of your W-2 only in box 12 of TurboTax's W-2 form, nowhere else in TurboTax. A 401(k) is not an IRA.
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