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?

LYNNHEAD · ‎June 6, 2019

macuser_22 · ‎June 6, 2019

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.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

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macuser_22 · ‎June 6, 2019

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.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

TaxGuyBill · ‎June 6, 2019

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

macuser_22 · ‎June 6, 2019

Good point!

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

Karen1209 · ‎June 6, 2019

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

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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?