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Retirement tax questions
Yes ... if you make a deductible IRA contribution that is how the process is set up to work. The contribution is an adjustment to income thus lowering your tax bill.
See these IRS IRA deduction limit charts.
If *you* are covered by a retirement plan:
https://www.irs.gov/Retirement-Plans/2015-IRA-Deduction-Limits-Effect-of-Modified-AGI-on-Deduction-i...
If you are *not* covered but your spouse is:
https://www.irs.gov/Retirement-Plans/2015-IRA-Deduction-Limits-Effect-of-Modified-AGI-on-Deduction-i...
‎November 30, 2021
8:00 AM