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Level 1

Question

What type of ira is best to contribute to to decrease current tax liability

Forum|Forum|3 years ago
March 31, 2023
1 reply
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TurboTax Free Edition Online

Level 15

Contributions to a Traditional IRA will decrease your tax liability.

You can test this by going to Deductions & Credits > Retirement and Investments > Traditional Roth and IRA Contributions.

Enter a Traditional IRA Contribution Amount (between Jan 1 and April 18, 2023).

Continue to a screen where TurboTax will show your IRA Deduction Amount.

Here's more info on Last Minute Ways to Reduce Your Taxes.

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Level 15

For best results in retirement, put your retirement funds into a self-directed Roth IRA.

the tax savings then will far exceed any tax savings now with a different type of IRA.