For the annual contribution of $7500 for an IRA I have two questions .
1) if the contribution is invested into stocks, funds etc.. how does this get reported on taxes for reducing tax able income? This is a stand alone IRA not through an employer so it’s tracked manually? Is the Year End investment report used to determine contribution?
2) the $7500 annual contributions limit is only the extra outside of an employer plan where most can contribute a % of the paycheck?