It depends. If you meet the income and certain other requirements, you may be able to make a contribution to a traditional IRA and take a deduction that will reduce your tax. See this IRS webpage for more information. If you qualify, you can make 2023 IRA contributions until April 15, 2024.
You can contribute to a traditional or Roth IRA even if you participate in another retirement plan through your employer or business. However, you may not be able to deduct all of your traditional IRA contributions if you participate in another retirement plan at work.
If you are eligible, you can enter different amounts in TurboTax to test the result before making the contribution. You can preview your return before filing to find out how your taxes were calculated including the calculation of any deduction for IRA contributions and the Saver's Credit. See here for details.
When you make a contribution to a qualifying retirement account for 2022, you can deduct up to $6,000, or up to $7,000 if you’re age 50 and up, from your taxable income.
Please see this tax tips article for more information about deductible retirement contributions.
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