- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
If I open roth ira will I get 2016 tax savings
is Trad IRA better ?
Topics:
June 7, 2019
4:08 PM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
You will not get any tax savings if you contribute to a ROTH IRA this year-you get the tax savings when you take distributions after you retire. If you are able to contribute to a traditional IRA, you will get a income deduction in 2016 which may reduce your taxable income
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
June 7, 2019
4:08 PM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
ROTH IRA contributions are not deductible and provide no current tax savings. Only deductible contributions to a Traditional IRA provide any current tax benefit.
June 7, 2019
4:08 PM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
A Roth IRA contribution might qualify you for a Retirement Savings Contributions Credit:
https://www.irs.gov/publications/p590a/ch03.html
June 7, 2019
4:08 PM