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supermert
New Member

If I open an IRA for $1000. , will that take $1000 off my income? ( 2000-2000)?

 
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Marketstar
Level 7

If I open an IRA for $1000. , will that take $1000 off my income? ( 2000-2000)?

A Traditional IRA may reduce your taxable income by the amount of your deduction.

A Traditional or Roth IRA may qualify you for the Saver's Credit.

See What Is the Saver's Credit ?

You can determine the effect of adding an IRA contribution by entering it into TurboTax and viewing the difference (if any) on the refund meter.

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