... unless it qualifies you for a Retirement Savings Cont...

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

posted

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]

In 2022 I used the TurboTax download to prepare my tax return and that was the first year I had Qualified Charitable Contribution (QCD) as part of my IRA RMD. I got an IRS Notice: CP2000 about that return stating that "We couldn't identify the retire...

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

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

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

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

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