Can i reduce my taxes after receiving an early pension distribution in dec 2018 by purchasing an ira before april 15?

i am retired. my wife took the entire early pension distribution to her savings acct.

1099-r show fed taxes withheld and no state taxes withheld. can an ira purchase reduce this years taxes?

435

Level 3

Jun 4, 2019 3:11:59 PM

An IRA will not reduce your state taxes owed but if you qualify for it, yes, you can purchase on before April 15th to reduce your federal taxes.

You should talk contact a financial services planner to determine how much you can and should contribute.