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IRA contribution?

1 reply
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Hello, I am trying to determine if should contribute to an IRA today to lessen my tax burden and possibly get a refund. My wife has a retirement plan at her work so I'm not sure how beneficial my contribution would be for a tax deduction.

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ChristinaSAnswer

Alumni - Intuit

If you are not covered by a plan, but your spouse is, you get a full deduction if your AGI is under $184,000.

https://www.irs.gov/retirement-plans/plan-participant-employee/2016-ira-contribution-and-deduction-l...

Why not enter the proposed Traditional IRA contribution and see if the benefit is to your liking (Federal Taxes- Deductions and Credits- Retirement and Investment- Traditional and Roth IRA Contributions)? You can take it out if it doesn't have a big enough impact. Obviously, you have mere hours to make the actual contribution for 2016.

ChristinaSAnswer

Alumni - Intuit

If you are not covered by a plan, but your spouse is, you get a full deduction if your AGI is under $184,000.

https://www.irs.gov/retirement-plans/plan-participant-employee/2016-ira-contribution-and-deduction-l...

Why not enter the proposed Traditional IRA contribution and see if the benefit is to your liking (Federal Taxes- Deductions and Credits- Retirement and Investment- Traditional and Roth IRA Contributions)? You can take it out if it doesn't have a big enough impact. Obviously, you have mere hours to make the actual contribution for 2016.