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lion-mike-hall
New Member

Does adding to my Roth IRA reduce the amount of taxes I have to pay?

 
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‎June 6, 2019 1:25 AM
last updated ‎June 06, 2019 1:25 AM
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Rachel_W
Expert Alumni
Expert Alumni

Does adding to my Roth IRA reduce the amount of taxes I have to pay?

No, contributing to a Roth IRA does not reduce the amount of taxes you have to pay on your current year Tax Return.

Unless, as dmertz pointed out below, you are eligible for the Retirement Contribution Savings Credit.  Please click the link to this TurboTax FAQ for more information  What is the Savers Credit?

[Edited 3/20/19|12:43PM]

‎June 6, 2019 1:25 AM
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dmertz
Level 15

Does adding to my Roth IRA reduce the amount of taxes I have to pay?

... unless it qualifies you for a Retirement Savings Contributions Credit.
‎June 6, 2019 1:25 AM
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