Solved: My current tax bill is 2860.00 can I deposit money into y IRA to save on y IRS payment?

My current tax bill is 2860.00 can I deposit money into y IRA to save on y IRS payment?

posted

If you qualify, yes. However, it is a deduciton from income, not a tax credit. So, for example, if you are in the 25% tax barcket, each $1,000 IRA contribution will save you $250 in Federal taxes.

View solution in original post

If you qualify, yes. However, it is a deduciton from income, not a tax credit. So, for example, if you are in the 25% tax barcket, each $1,000 IRA contribution will save you $250 in Federal taxes.

I received a retirement payment in another country that is deposited into a US bank account. Where do I enter that income to report it?

in Retirement tax questions

Expert does your taxes

Do it yourself

Resources

Support

My current tax bill is 2860.00 can I deposit money into y IRA to save on y IRS payment?

My current tax bill is 2860.00 can I deposit money into y IRA to save on y IRS payment?

My current tax bill is 2860.00 can I deposit money into y IRA to save on y IRS payment?

Unlock tailored help options in your account.

Get more help

Do you have a TurboTax Online account?

My current tax bill is 2860.00 can I deposit money into y IRA to save on y IRS payment?

Do you have an Intuit account?

My current tax bill is 2860.00 can I deposit money into y IRA to save on y IRS payment?

My current tax bill is 2860.00 can I deposit money into y IRA to save on y IRS payment?

Unlock tailored help options in your account.

Get more help

Related Content