topic Re: Roth IRA question in Get your taxes done using TurboTax

Can I contribute my 2022 earnings to Traditional IRA for reducing 2021 taxes?

johnkgan — Mon, 09 Mar 2026 08:44:08 GMT

I was a full time student in 2021 and only got employed in Dec 2021. But I did not earn $6000 as salary in 2021, though I got dividends (from my stocks investments that my mom had gifted to me) that amount to $6000. Can I still invest $6000 in Traditional IRA from my salary earned in 2022 and use that to reduce my taxes of 2021 as Turbo Tax says I still have time until April 2022 to contribute to Traditional IRA for 2021 taxes? Thank you.

Re: Roth IRA question

VolvoGirl — Wed, 09 Mar 2022 02:39:24 GMT

No. If you want to apply it to 2021 you are limited to your actual earned income salary. BUT a ROTH IRA is not tax deductible and will not reduce your tax return. You need to contribute to a Traditional IRA to be deductible.

Re: Roth IRA question

johnkgan — Wed, 09 Mar 2022 02:49:59 GMT

Thank you so much! I corrected it to Traditional IRA. So can I use my 2022 salary to contribute to Traditional IRA by April 2022 and use to reduce my 2021 taxes? Thanks again.

Re: Roth IRA question

VolvoGirl — Wed, 09 Mar 2022 03:04:25 GMT

But not your 2022 salary. Only your 2021 salary, not the investments. Turbo Tax will tell you if you try to enter too much.