Can I deduct my entire traditional IRA contribution if the transaction confirmation says “sales charge 5.75% we have acted as agent”?

Forum|Forum|2 years ago
April 4, 2024
1 reply
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This is for a 2023 contribution made in 2024, so I won’t receive my tax documents until after I need to file.

TurboTax Online

Best answer by dmertz

RachelW33 is correct. Regular IRA contributions can only be made in cash, so the sales charge occurred within the IRA and simply represents a reduction in the value of your investments in the IRA.

RachelW33

Yes, you can deduct your entire Traditional IRA contribution for 2023 even though there was a 5.75% sales charge.

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dmertzAnswer

Employee

RachelW33 is correct. Regular IRA contributions can only be made in cash, so the sales charge occurred within the IRA and simply represents a reduction in the value of your investments in the IRA.