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I f I open an IRA with 2890 to be added to 2019 return would that effect my return if 2890 is all I made after taxes in 2019?

 
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Employee Tax & Finance Expert

I f I open an IRA with 2890 to be added to 2019 return would that effect my return if 2890 is all I made after taxes in 2019?

If your income is $2,890 and you contribute the same amount to a Traditional IRA, there would no change to your tax as you would have no taxable income and no tax due.

 

You would be better off contributing to a Roth IRA.

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