topic Are IRA contributions supposed to directly decrease my gross income on a 1040? in Retirement tax questions https://ttlc.intuit.com/community/retirement/discussion/are-ira-contributions-supposed-to-directly-decrease-my-gross-income-on-a-1040/01/169491#M13846 This is NOT through an employer plan, I made the contribution myself in full independently into an IRA I have. Sat, 01 Jun 2019 15:06:47 GMT CashInNH 2019-06-01T15:06:47Z Are IRA contributions supposed to directly decrease my gross income on a 1040? https://ttlc.intuit.com/community/retirement/discussion/are-ira-contributions-supposed-to-directly-decrease-my-gross-income-on-a-1040/01/169491#M13846 This is NOT through an employer plan, I made the contribution myself in full independently into an IRA I have. Sat, 01 Jun 2019 15:06:47 GMT https://ttlc.intuit.com/community/retirement/discussion/are-ira-contributions-supposed-to-directly-decrease-my-gross-income-on-a-1040/01/169491#M13846 CashInNH 2019-06-01T15:06:47Z Yes, contributions to a traditional IRA will reduce your... https://ttlc.intuit.com/community/retirement/discussion/yes-contributions-to-a-traditional-ira-will-reduce-your/01/169494#M13847 <P>Yes, contributions to a <B>traditional IRA</B> will reduce your Adjusted Gross Income.&nbsp;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 the following for the limits if you had a retirement plan at work as well:</P><UL> <LI> <A rel="nofollow" href="https://www.irs.gov/retirement-plans/plan-participant-employee/2018-ira-contribution-and-deduction-limits-effect-of-modified-agi-on-deductible-contributions-if-you-are-covered-by-a-retirement-plan-at-work" target="_blank">IRA Deduction if You ARE Covered by a Retirement Plan at Work</A>&nbsp;- 2018</LI> <LI> <A rel="nofollow" href="https://www.irs.gov/retirement-plans/plan-participant-employee/2018-ira-contribution-and-deduction-limits-effect-of-modified-agi-on-deductible-contributions-if-you-are-not-covered-by-a-retirement-plan-at-work" target="_blank">IR</A><A rel="nofollow" href="https://www.irs.gov/retirement-plans/plan-participant-employee/2018-ira-contribution-and-deduction-limits-effect-of-modified-agi-on-deductible-contributions-if-you-are-not-covered-by-a-retirement-plan-at-work" target="_blank">A Deduction if You Are NOT Covered by a Retirement Plan at Work</A>&nbsp;- 2018</LI> </UL><P>Contributions to <B>Roth IRAs are not deductible.</B></P> Sat, 01 Jun 2019 15:06:48 GMT https://ttlc.intuit.com/community/retirement/discussion/yes-contributions-to-a-traditional-ira-will-reduce-your/01/169494#M13847 DanaB 2019-06-01T15:06:48Z