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New Member
posted Jun 6, 2019 12:11:00 PM

If I were to make a contribution to my ROTH for 2017 before April 12017, could this cut down the money I owe to the government this year?

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1 Best answer
Level 15
Jun 6, 2019 12:11:02 PM

No.  Only Traditional IRA contributions are deductible if you meet the qualifications.

Roth contribution are not deductible and will not result in any tax savings.

4 Replies
Level 15
Jun 6, 2019 12:11:02 PM

No.  Only Traditional IRA contributions are deductible if you meet the qualifications.

Roth contribution are not deductible and will not result in any tax savings.

Level 9
Jun 6, 2019 12:11:03 PM

However, if your income is low enough to qualify for the "Saver's Credit", that credit will reduce the amount that you owe.

Level 15
Jun 6, 2019 12:11:05 PM

Good point!

New Member
Jun 6, 2019 12:11:08 PM

It depends.  Roth contribution limits are based on your filing status AND your modified adjusted gross income (MAGI).

Please see the IRS link below to determine whether you will benefit:

https://www.irs.gov/retirement-plans/amount-of-roth-ira-contributions-that-you-can-make-for-2017