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danielle-d-thoma

Level 1

Solved

2016 Tax deductions for retirement

Forum|Forum|7 years ago
June 6, 2019
1 reply
30 views

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?

TurboTax Deluxe Online

Best answer by MargaretL

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).

MargaretLAnswer

Level 12

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).