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New Member

Can I open an IRA for tax break

Where can I open it and what all do you have to do
1 Reply
Level 3

Can I open an IRA for tax break

You can open an IRA account TODAY, that's it.

Call an investment firm, or maybe your bank to open it.

You can put up to $5,500 in it, but you need to establish the account first.

When you do that,

1.  Go to Deductions & Credits.  

2.  Go to Retirement and Investments.

3.  Click Start or Update by Traditional and Roth IRA Contributions.

4.  Follow the screens until you've put in your contribution.  You can put anything from 0 to $5,500 to see what effect it has on your taxes.

To check:

1.       Go to My Account. 

2.       Go to Tools. 

3.       Go to View Tax Summary. 

4.       Go to Preview my 1040. 

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