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Level 2

Question

Roth IRA

Forum|Forum|6 years ago
March 6, 2020
5 replies
29 views

Can I contribute to a Roth IRA for tax benefit, or only Traditional IRA.

In turbotax, it states tax break only applies to 2019 traditional IRAs, not Roth IRAs

Level 15

Roth IRA contributions are not tax deductible.

PC11_2Author

Level 2

Did this change, I am asking because I created a Roth IRA last year and contributed $6000, and receeved a tax break.

Level 15

@PC11_2 wrote:

Did this change, I am asking because I created a Roth IRA last year and contributed $6000, and receeved a tax break.

You may have received a Retirement Savings Contributions Credit (Saver's Credit) for contribution to a retirement saving account. Go to this IRS website for the Saver's Credit - https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-savings-contributions-savers-credit

Since the inception of the Roth IRA the contributions have never been deductible on a tax return.

Go to this IRS website for a Roth IRA - https://www.irs.gov/retirement-plans/roth-iras