Hello,
I do not have an employer retirement plan (401k, etc.) of any sort and did not contribute to an IRA for 2021. As I'm doing my taxes, turbo tax has indicated I can receive a tax savings of up to $1,320 if I contribute a maximum of $6,000 to a traditional IRA (not Roth IRAs) by April 18th. However, the subsequent pages indicate that I can contribute to either an IRA or a Roth and those contributions will count toward my 2021 taxes.
I'm confused if the contribution needs to be made to a traditional IRA only. Or can I contribute to a Roth and still receive the up to $1,320 tax savings?
