I'm a worthless when it comes to preparing taxes. We outsource that to a professional.
My wife and I have recently begun maxing out our retirement accounts, but it doesn't look like that has been reflected on our 1040.
Here's the data:
Married filing jointly
$48,728 total income (line 22)
My wife maxes out her Simple IRA employer sponsored plan
We both contribute $5500 to both of our traditional IRAs (11,000 total)
Now, here's what seems off to me:
On our 1040, under Adjusted Gross Income, the line pertaining to a Traditional IRA deduction was left blank (line 32).
Shouldn't our income have been adjusted downward an additional 11,000?
Any insight would be greatly appreciated!