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devonwterry8
Level 1
Jun 1, 2019 5:21 AM UTC
Solved

IRA Contribution and deduction

It says that if I were to open and contribute to an IRA that I could get up to 5,500 deduction. Is there any way to determine how much i'd get back before I open an IRA and contribute based on the amount that i'd contribute? Or would I just be shooting blind and praying for a good tax break.
Texas RogerAnswer
Level 15
Jun 1, 2019 5:21 AM UTC

Just enter the contribution amount on your tax return and see what happens to your refund. If you don't like the result, delete it. The contribution does not actually have to be made until April 18 at the latest. Some tax filers, enter the contribution on their tax return and get the refund before they actually make the contribution. 

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2 replies

gardnerobin
Level 2
Jun 1, 2019 5:21 AM UTC
where on turbo tax do I enter contribution
Level 15
Texas RogerLevel 15Answer
Level 15
Jun 1, 2019 5:21 AM UTC

Just enter the contribution amount on your tax return and see what happens to your refund. If you don't like the result, delete it. The contribution does not actually have to be made until April 18 at the latest. Some tax filers, enter the contribution on their tax return and get the refund before they actually make the contribution. 

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