Exactly how much money could I save by opening up an ira

[CherylW · Accepted solution]

You can see different scenarios.

To report IRA contributions for 2016,  

1. Go to Deductions & Credits. 

2. Go down to Retirement and Investments. 

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

4. Check the box by Traditional or Roth. 

Turbo Tax walks you through all questions necessary to successfully deduct your IRA contribution.  You can make any contribution amount you want, and then see what effect it'll have on your bottom line.

To check the new refund/balance due amounts in Turbo Tax,

1. Go to My Account. 

2. Go to Tools. 

3. Go to View Tax Summary. 

4. Go to Preview my 1040. 

It'll be on line 75 or 78.

[denise14107]

the way already described above is harder and more cumbersome and complicated than:

just go to

1: federal taxes

2. federal review

3. it will say 'we're ready to review your federal return' and 'let's review your numbers'

4. it will say "you might qualify for another tax break"; click continue

5. fill in info if covered on a work retirement plan; click continue 2x

6. in that final screen you can quickly and easily (without referring back to the tax return at all) plug in as many pretend contribution amounts as you want to see the new refund; and see how much additional you will get if you contribute to an IRA

if you liked this; please click like : )