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New Member
posted May 31, 2019 10:21:26 PM

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.

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1 Best answer
Level 15
May 31, 2019 10:21:29 PM

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. 

2 Replies
New Member
May 31, 2019 10:21:28 PM

where on turbo tax do I enter contribution

Level 15
May 31, 2019 10:21:29 PM

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.