I want to open a Roth IRA before April 15, but also want to ensure it will lower my current $1,500 feral taxes owed. I tested in Turbotax Deluxe ($2,000), but it did not lower my amount owed. It stated that I will need to complete return before actual results show.
Contributions to a Roth IRA are not deductible and will not lower your taxable income. Only contributions to a Traditional IRA are deductible.
**Mark the post that answers your question by clicking on "Mark as Best Answer"