Solved: 2016 Tax deductions for retirement
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
danielle-d-thoma
New Member

2016 Tax deductions for retirement

Is the 2016 tax deduction for a retirement plan be in addition to any deductions already taken and will it increase my refund or decrease my tax bill?
1 Best answer

Accepted Solutions
MargaretL
Level 9

2016 Tax deductions for retirement

Yes, you can make an additional contribution to a traditional IRA with our after-tax money (if you otherwise qualify) and this tax deduction is taken in addition to other deductions already taken; it will reduce your Adjusted Gross Income, which may result in increased refund or lower tax bill. However, if you are referring to a retirement plan that you have at work- that is already accounted for on your W-2 form and there is no additional tax break for this other than the fact that you are not taxed on your retirement plan at work (which shows on the W-2 form).

View solution in original post

1 Reply
MargaretL
Level 9

2016 Tax deductions for retirement

Yes, you can make an additional contribution to a traditional IRA with our after-tax money (if you otherwise qualify) and this tax deduction is taken in addition to other deductions already taken; it will reduce your Adjusted Gross Income, which may result in increased refund or lower tax bill. However, if you are referring to a retirement plan that you have at work- that is already accounted for on your W-2 form and there is no additional tax break for this other than the fact that you are not taxed on your retirement plan at work (which shows on the W-2 form).

View solution in original post

Dynamic AdsDynamic Ads
v
Privacy Settings