Ira contribution affecting federal return

i'm interested in making an ira contribution but i want to see how it will affect my federal balance or return. it will only adjust my state return. i need to know how it will affect the federal before i make the contribution. how can i get the adjusted amount before filing?

Coleen3
Intuit Alumni

Retirement tax questions

The surest way to know is to put the amount on your 1040 and note the decrease, if any, on your AGI. In this way, you can also experiment with the amount of contribution and see at what point you maximize your return. 

You can contribute a maximum of $5500 for tax year 2017 if you are under age 50. This is only for a Traditional as there is no deduction for a contribution to the Roth.

To enter your 2017 IRA contribution (money you put into your IRA), open your return, search for IRA contributions inside your TurboTax program, and then click the "Jump to" link in the search results. We'll take you to the Traditional IRA and Roth IRA screen where you can start the IRA interview.



  

Retirement tax questions

I put in varying amounts and my federal AGI did not adjust with any contribution, although my state AGI did adjust. the comment from the software said i would have to file to find out the adjustment.

Retirement tax questions

What type if IRA?   Only Traditional IRA contributions are deductible and the deduction phases out with high income.  Roth IRA contribution are not deductible  but are limited or prohibited with high income.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
Coleen3
Intuit Alumni

Retirement tax questions

It is always possible that your taxable income or tax itself is too low to benefit from the contribution.