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I owe taxes, can I open and contribute to a Roth IRA to get enough credit not to owe?

 
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2 Replies

I owe taxes, can I open and contribute to a Roth IRA to get enough credit not to owe?

Roth IRA contributions are not deductible on a tax return.

DanaB27
Expert Alumni

I owe taxes, can I open and contribute to a Roth IRA to get enough credit not to owe?

As DoninGA mentioned Roth IRA contributions won’t reduce your taxable income because they are not deductible. 

 

If you want to reduce your taxable income you will need to make contributions to a traditional IRA. But please be aware the deduction may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels. Please see IRA deduction limits for details.

 

IRA contributions might qualify you for the Retirement Saver's Credit. Please see What is the 2022 Saver's Credit? for details.
 

 

@suzgreen05 

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