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If your employer offers a tax-deferred retirement plan, such as a 401k or 403b, any contributions you make to the plan are pre-tax, meaning that the amount you contribute is not included in taxable wages. Due to this, the contributions are not eligible for a deduction on your tax return.

Review the IRA Contribution section of the program to determine if you can make a deductible contribution to an IRA. This could lower your taxable income if there is a credit available on the tax return for after tax contributions to an IRA.

To review the IRA Contribution section:

  1. From within your TaxAct return (Online or Desktop), click Federal. On smaller devices, click in the upper left-hand corner, then click Federal.
  2. Click IRA Contributions in the Federal Quick Q&A Topics menu to expand, then click the appropriate topic based on your situation.
  3. Continue with the interview process to enter all of the appropriate information.

After you enter the information requested, the program will calculate for you the amount of deductible contribution (if any) you can make.

For additional information, refer to IRS Publication 590-A Contributions to Individual Retirement Arrangements (IRAs).

Note that any link in the information above is updated each year automatically and will take you to the most recent version of the document at the time it is accessed.

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