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tax8740
New Member

I now own $5,700 will an IRA help me in this case?

 
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MorganQ
New Member

I now own $5,700 will an IRA help me in this case?

You can go into the Deductions & Credits section of your return and add contributions to a traditional IRA to see how it affects your tax due. Make sure you select Traditional IRA and not Roth. They have different tax implications. 

You can play around with the numbers, just make sure to delete or edit this info before you file so your return is accurate. 

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1 Reply
MorganQ
New Member

I now own $5,700 will an IRA help me in this case?

You can go into the Deductions & Credits section of your return and add contributions to a traditional IRA to see how it affects your tax due. Make sure you select Traditional IRA and not Roth. They have different tax implications. 

You can play around with the numbers, just make sure to delete or edit this info before you file so your return is accurate. 

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