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?
02496
1 Best answer
dmertz
Level 15
Jun 4, 2019 2:44:40 PM
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
dmertz
Level 15
Jun 4, 2019 2:44:40 PM
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.
daughterofwealth
New Member
Jun 4, 2019 2:44:43 PM
The allowance depends on your filling status and income.