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Level 1

Can I transfer money from a savings account to my ira and get a tax credit?

I am employed and have a savings account. I want to take money from that account and deposit it into my regular IRA. Can I get a tax deduction for that?
1 Reply
Level 1

Can I transfer money from a savings account to my ira and get a tax credit?

You can use your regular savings to make a contribution to your IRA. 

Whether or not that contribution qualifies for a tax deduction depends on other factors.

See the following post:

https://www.irs.gov/retirement-plans/ira-deduction-limits