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Retirement tax questions
As DoninGA mentioned Roth IRA contributions won’t reduce your taxable income because they are not deductible.
If you want to reduce your taxable income you will need to make contributions to a traditional IRA. But please be aware the deduction may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels. Please see IRA deduction limits for details.
IRA contributions might qualify you for the Retirement Saver's Credit. Please see What is the 2022 Saver's Credit? for details.
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March 24, 2023
5:04 AM