How will the maximum roth contribution effect my refund?

[duhimslow]

I have not made IRA contributions yet.  I am considering it however, if I can calculate how much if effects my refund.

[Coleen3]

Contribution to a Roth IRA are not tax deductible so in that way, it will not affect your return at all. If you want the deduction, you would need to contribute to a Traditional IRA.  How much you will save depends on the tax bracket your taxable income falls in. If you contribute $2000, you could potentially save anywhere from $200 (10%) upwards. 

There are qualifications you must meet to contribute. Please see the links below for more information.

https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-iras-contributions 

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-li... 

http://www.fool.com/knowledge-center/the-difference-between-annuities-ira-annuities.aspx

See the link below for 2016 tax brackets per filing status.

https://taxfoundation.org/2016-tax-brackets