Solved: Is my taxable income lowered by the amount I contribute to my traditional IRA? I'm deciding whether or not to make a prior year contribution.
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Is my taxable income lowered by the amount I contribute to my traditional IRA? I'm deciding whether or not to make a prior year contribution.

 
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Level 15

Is my taxable income lowered by the amount I contribute to my traditional IRA? I'm deciding whether or not to make a prior year contribution.

Yes, as long as you are below the overall limits for contributing to a Traditional IRA, it will reduce your taxable income and tax on the return.

The best and most accurate way to do this is put an entry in for the 2017 TurboTax program and then after you decide how much to contribute you can file your return today and then make the contribution for the 2017 tax year by the due date of 4-17-2107.  

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Level 15

Is my taxable income lowered by the amount I contribute to my traditional IRA? I'm deciding whether or not to make a prior year contribution.

Yes, as long as you are below the overall limits for contributing to a Traditional IRA, it will reduce your taxable income and tax on the return.

The best and most accurate way to do this is put an entry in for the 2017 TurboTax program and then after you decide how much to contribute you can file your return today and then make the contribution for the 2017 tax year by the due date of 4-17-2107.  

View solution in original post

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