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I've heard that I can deduct IRA contributions on my 2022 taxes right up until April 18, 2023.
I see in TurboTax documentation that IRA contributions are only deducted in TT from form 1099-R.
Does this mean I can't deduct the IRA contributions I make in 2023 on my 2022 taxes in TT. (I owe a lot, it would be helpful.)
Thanks!
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Yes, you can make traditional IRA contributions for 2022 until April 18th, 2023.
Yes, 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.
To enter traditional IRA contributions:
Please inform the custodian of your IRA which year you are donating to.
Then report the contribute on that year's tax return.
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