Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
gsangela
New Member

If I am an independent contractor, if I make a contribution to an IRA can I claim both both the deduction to my AGI, and the savers credit simultaneously?

 
3 Replies
HelenaC
New Member

If I am an independent contractor, if I make a contribution to an IRA can I claim both both the deduction to my AGI, and the savers credit simultaneously?

Yes, your IRA contribution gets deducted form your AGI and if you qualify for the Savers Credit, TurboTax automatically generates form 8880, Credit for Qualified Retirement Savings Contributions. https://ttlc.intuit.com/replies/3301263

gsangela
New Member

If I am an independent contractor, if I make a contribution to an IRA can I claim both both the deduction to my AGI, and the savers credit simultaneously?

Thanks!
HelenaC
New Member

If I am an independent contractor, if I make a contribution to an IRA can I claim both both the deduction to my AGI, and the savers credit simultaneously?

You're very welcome. Thank you for using TurboTax!  
Dynamic AdsDynamic Ads
Privacy Settings
v