 Don't include rollover contributions in figuring your deduction. Instead, see the instructions for form 1040 or 1040 SR, line 4A and 4B. So rollovers are basically when you're taking money out of one account that's under the umbrella of a retirement and putting it into basically another one, possibly for example, if you had to move from a 401K plan to like an IRA because you quit your job or something like that. And so you take the money out of the 401K plan and you try to roll it into like an IRA which has similar restrictions. The goal there being that you don't want to count it as a distribution in which case it might be subject to taxes. Now you might also try to say, people might try to say, well, it's a contribution and I should get a deduction for the contribution. Well, no, it's not a contribution, it's a rollover. It was already under the umbrella of a retirement type of account so you don't really get a deduction for it. One of the problems of course, with this incentive program or process to put money into these accounts to get a deduction is they actually favor more affluent people. These are more wealthy individuals are the ones that really drive the increase in these deduction amounts that they can put into a 401K plan in IRAs and whatnot because they have the money to put the money in there. Right, if you don't have the money to put the money into those accounts, you're not gonna get a benefit but of course the argument is gonna be that they're trying to incentivize people to save for retirement, that's the argument but when you get into these high amounts of dollar amounts most people don't have thousands of dollars like tens of thousands of dollars to put into a retirement account. So you have to have the funds to put into the account in order to get a benefit for them. Anyways, number eight, don't include trustees fees that were billed separately and paid by you for your IRA. Number nine, don't include any repayments of qualified reservists distributions. You can't deduct them for information on how to report these repayments. You can see qualified reservist repayments in publication 590A. Number 10, if the total of your IRA deduction on line 20 plus any non-deductible contributions to your traditional IRAs shown on form 8606 is less than your total traditional IRA contributions for 2023, you can see publication 590A for special rules. So where are you covered by a retirement plan? So here comes the other complexity. If someone doesn't have access to a 401K plan with work, then it's fairly straightforward that you would qualify to be putting money into an IRA. But what if you or possibly your spouse did have access to like a 401K plan or a 403B plan, then could you still put money into an IRA? That's the question. So if you were covered by a retirement plan, qualified pension, profit sharing, including 401K, annuity, a SEP, simple, et cetera, at work or through self-employment, your IRA deduction may be reduced or eliminated. All right, so because that makes sense, right? Because the IRA is there, this is kind of like the health insurance where traditionally the 401K was set up for people that spent their whole life working at one company, and basically they would save for retirement through the 401K plan. But of course, these days, people are working in different areas and changing jobs all the time and having self-employment and so on and so forth. So you would think they want an ability to have an IRA in case you don't have access to a 401K plan, but it would be cheating if you could put, if you could max out the 401K plan and max out the IRA. Again, that would be kind of excessive for people that have a lot of cash flow to be able to do that, so but if you still make contributions to an IRA, even if you can't deduct them, so but you can still make contributions to an IRA, even if you can't deduct them. In other words, you put money into an IRA even though you can't deduct it. You might ask, why would I do that? Because I'm putting money into a retirement account, which is gonna restrict my capacity to take the money out. Why would I do it if I can't deduct it? Well, you still might get a tax benefit because the growth of the money in there might still be beneficial, meaning dividend interest capital gains, the accumulation of the value of the stock that are going up might not be taxable or could be deferred, in other words, until you pull it out. So in any case that the income earned on your IRA contributions isn't taxed until it is paid to you. So the quote, retirement plan, end quote box in box 13 of your form, W-2 should be checked if you were covered by a plan at work, even if you weren't vested in the plan. In other words, when you look at the W-2 form, there's gonna be a check box for the retirement plan, which will show you that you had access, at least to the plan, even if you were not yet vested in it. And so that will help you determine, and that's crucial to check off in software to help you to properly determine whether or not you can put money into an IRA. So you are also covered by a plan if you were self-employed and had a SEP, Simple or Qualified Retirement Plan. So if you're not covered by a plan in work through your employer, reflected on a W-2, but you have a schedule C, then you might try to put money into an individual IRA, but you might try to get more of a benefit putting money into like a SEP plan or a simple plan, in which case, again, you would think you can't max out the SEP and the simple as well as get an individual IRA. That would be kind of doubling up. So if you were covered by a retirement plan and you file form 2555, I believe that's for foreign-earned income or foreign income or 8815, or you exclude employer-provided adoption benefits, see publication 598 to figure the amount, if any, of your IRA deduction.