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?
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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
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

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!
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!  
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