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Level 1
June 4, 2019
Solved

I have questions about a Roth IRA contribution.

  • June 4, 2019
  • 2 replies
  • 1 view
I have rec'd TT calculations. I still want to decide IF I want to contribute to my Roth IRA. How do I know how much more I receive IF I contribute $1000-$3000?
Best answer by dmertz

Roth IRA contributions are not deductible, so they to not reduce your taxable income.  However, a Roth IRA contribution might qualify you for a Retirement Savings Contributions Credit against your tax liability.

2 replies

dmertzAnswer
Level 15
June 4, 2019

Roth IRA contributions are not deductible, so they to not reduce your taxable income.  However, a Roth IRA contribution might qualify you for a Retirement Savings Contributions Credit against your tax liability.

Level 2
June 4, 2019
The allowance depends on your filling status and income.