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mrh42515
New Member

Can I still get any tax breaks by making a deposit to an established Roth IRA account before the April 2018 deadline and claim it on my 2017 tax return?

I already have an established Roth IRA retirement savings account. Can I still get a tax credit by contributing to it? Or does it have to be a new account?

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MinhT
Expert Alumni

Can I still get any tax breaks by making a deposit to an established Roth IRA account before the April 2018 deadline and claim it on my 2017 tax return?

Contributions to a Roth IRA account are not tax deductible. They are made with after-tax dollars.

On the other hand, qualified distributions from a Roth IRA are tax-free.

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1 Reply
MinhT
Expert Alumni

Can I still get any tax breaks by making a deposit to an established Roth IRA account before the April 2018 deadline and claim it on my 2017 tax return?

Contributions to a Roth IRA account are not tax deductible. They are made with after-tax dollars.

On the other hand, qualified distributions from a Roth IRA are tax-free.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

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