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New Member
posted Jun 6, 2019 1:25:48 AM

Does adding to my Roth IRA reduce the amount of taxes I have to pay?

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2 Replies
Expert Alumni
Jun 6, 2019 1:25:48 AM

No, contributing to a Roth IRA does not reduce the amount of taxes you have to pay on your current year Tax Return.

Unless, as dmertz pointed out below, you are eligible for the Retirement Contribution Savings Credit.  Please click the link to this TurboTax FAQ for more information  What is the Savers Credit?

[Edited 3/20/19|12:43PM]

Level 15
Jun 6, 2019 1:25:50 AM

... unless it qualifies you for a Retirement Savings Contributions Credit.