Roth IRA entry does not lower my federal dues
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New Member

Roth IRA entry does not lower my federal dues

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.

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Level 14

Roth IRA entry does not lower my federal dues

Contributions to a Roth IRA are not deductible and will not lower your taxable income.  Only contributions to a Traditional IRA are deductible.

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