If I start an IRA, how much will I be credited?

[kcarstens1031]

Also, how much will I need to put into the IRA? Does the amount I put in affect the amount I am credited?

[RichardG · Accepted solution]

Assuming you qualify to make a tax-deductible contribution to a traditional IRA, your deduction is based on the amount you contribute.  The amount the contribution will increase your refund or lower your taxes depends on several factors, so there's no way to give you a specific answer.

Please follow this link to calculate whether you can make a tax-deductible IRA contribution.  https://www.fidelity.com/calculators-tools/ira-contribution-calculator