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New Member
posted Mar 19, 2023 12:34:45 PM

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
Level 15
Mar 19, 2023 12:35:56 PM

Roth IRA contributions are not deductible on a tax return.

Expert Alumni
Mar 24, 2023 5:04:28 AM

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