cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
New Member

If I contribute 1,500 to my retirement account for 2017 will it reduce my taxes for 2017? I'm currently retired.

If I contribute 1,500 to my retirement account for 2017 will it reduce my taxes for 2017? I'm currently retired.

1 Best answer

Accepted Solutions
Highlighted
Level 15

If I contribute 1,500 to my retirement account for 2017 will it reduce my taxes for 2017? I'm currently retired.

Answered in the comments.

View solution in original post

9 Replies
Highlighted
Level 15

If I contribute 1,500 to my retirement account for 2017 will it reduce my taxes for 2017? I'm currently retired.

Like to what?  An IRA?  Do you have any earned income  in 2017 like W2 wages or self employment income?  You need earned income to contribute to an IRA.  Only a Traditional IRA is deductible.
Highlighted
New Member

If I contribute 1,500 to my retirement account for 2017 will it reduce my taxes for 2017? I'm currently retired.

My income is from social security, (W2), and withdrawals from my fidelity retirement account, (1099 R).  but I choose a fidelity option of adding money back into my retirement account that I had previously withdrawn from my retirement because I owed too much in taxes; thinking it would reduce my 2017 taxes.
Highlighted
Level 15

If I contribute 1,500 to my retirement account for 2017 will it reduce my taxes for 2017? I'm currently retired.

Is this a pension plan?  Never heard of an option to put it back in.  You might have to ask Fidelity how that works.  How old are you?  Are you 70 1/2 and taking the RMD?  Did you get a 1099R for the retirement?  What code is in box 7?  @dmertz
Highlighted
New Member

If I contribute 1,500 to my retirement account for 2017 will it reduce my taxes for 2017? I'm currently retired.

It was a 403b but when I retired it became a rollover IRA, I'm currently 66.
Highlighted
Level 15

If I contribute 1,500 to my retirement account for 2017 will it reduce my taxes for 2017? I'm currently retired.

You have only 60 days to roll over any non-periodic distribution from an IRA and you are only permitted to roll over one such distribution made in any 12-month period.  If you are receiving these distributions as regular periodic distribution from an IRA annuity for life or for a period of 10 years or more, they are not eligible for rollover at all.  Rolling over a distribution that is not eligible to be rolled over constitutes an excess contribution to the IRA.

A rollover within 60 days simply allows you to continue to defer the income from the IRA, reducing the taxable amount of the distribution.  It does not constitute a new regular IRA contribution and is not deductible on your tax return as a new IRA contribution.  [Corrected] If you receive compensation from which you can make a new regular IRA contribution, you can make a new regular IRA contribution, but the IRA contribution may or may not be deductible depending on filing status, modified AGI and whether or not you our your spouse is covered by a workplace retirement plan:

<a rel="nofollow" target="_blank" href="https://www.irs.gov/retirement-plans/ira-deduction-limits">https://www.irs.gov/retirement-plans/ira-...>
Highlighted
Level 15

If I contribute 1,500 to my retirement account for 2017 will it reduce my taxes for 2017? I'm currently retired.

He said he does have W2.
Level 15

If I contribute 1,500 to my retirement account for 2017 will it reduce my taxes for 2017? I'm currently retired.

Sorry, I missed that.  Yes, the amount reported in box 1 of the W-2 minus any amount in box 11 is compensation that will support a new regular IRA contribution.

I'll modify my previous comment.
Highlighted
New Member

If I contribute 1,500 to my retirement account for 2017 will it reduce my taxes for 2017? I'm currently retired.

Thank you all for your help
Highlighted
Level 15

If I contribute 1,500 to my retirement account for 2017 will it reduce my taxes for 2017? I'm currently retired.

Answered in the comments.

View solution in original post