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juancvo
New Member

I owe 2k. If I open an IRA for 2k I don't have to pay anything? how much I need to open the IRA with to avoid paying anything. thanks

I JUST FINISHED TURBO TAX 2017 AND IT SAYS I OWE $2,000 FEDERAL AND $62 VIRGINIA TAX. HOW MUCH DO I NEED TO OPEN AN IRA TO NOT PAY ANYTHING??? THANKS 

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Hal_Al
Level 15

I owe 2k. If I open an IRA for 2k I don't have to pay anything? how much I need to open the IRA with to avoid paying anything. thanks

You're only allowed to deduct $5500 maximum for an IRA. That will only reduce you tax about $800-1000, depending on your tax rate.

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Hal_Al
Level 15

I owe 2k. If I open an IRA for 2k I don't have to pay anything? how much I need to open the IRA with to avoid paying anything. thanks

You're only allowed to deduct $5500 maximum for an IRA. That will only reduce you tax about $800-1000, depending on your tax rate.

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