https://ttlc.intuit.com/community/after-you-file/discussion/i-filed-my-taxes-already-but-now-i-want-to-contribute-to-my-ira-do-i-need-to-amend-my-return/01/2070496#M527520 Fri, 12 Mar 2021 23:20:54 GMT michaelperzel 2021-03-12T23:20:54Z https://ttlc.intuit.com/community/after-you-file/discussion/i-filed-my-taxes-already-but-now-i-want-to-contribute-to-my-ira-do-i-need-to-amend-my-return/01/2070496#M527520 Fri, 12 Mar 2021 23:20:54 GMT https://ttlc.intuit.com/community/after-you-file/discussion/i-filed-my-taxes-already-but-now-i-want-to-contribute-to-my-ira-do-i-need-to-amend-my-return/01/2070496#M527520 michaelperzel 2021-03-12T23:20:54Z https://ttlc.intuit.com/community/after-you-file/discussion/re-i-filed-my-taxes-already-but-now-i-want-to-contribute-to-my-ira-do-i-need-to-amend-my-return/01/2070502#M527521 <P>If a Traditional IRA - yes,&nbsp; If a Roth - No.</P> Fri, 12 Mar 2021 23:22:17 GMT https://ttlc.intuit.com/community/after-you-file/discussion/re-i-filed-my-taxes-already-but-now-i-want-to-contribute-to-my-ira-do-i-need-to-amend-my-return/01/2070502#M527521 macuser_22 2021-03-12T23:22:17Z https://ttlc.intuit.com/community/after-you-file/discussion/re-i-filed-my-taxes-already-but-now-i-want-to-contribute-to-my-ira-do-i-need-to-amend-my-return/01/2070591#M527547 <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Yes, you will need to file an amended return. However the savings may be worth your time.&nbsp;</SPAN></SPAN></P> <P>&nbsp;</P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Contributions to a traditional individual retirement account can be tax-deductible in the year you make them. Different IRS rules on IRA contributions apply to differing situations. However,</SPAN></SPAN></P> <UL> <LI><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">You can generally&nbsp;<A href="https://turbotax.intuit.com/tax-tips/investments-and-taxes/deductions-allowed-for-contributions-to-a-traditional-ira/L6yMopvkV" target="_blank">deduct the full amount of an IRA contribution</A>&nbsp;if you and your spouse aren't covered by retirement plans at work.</SPAN></SPAN></LI> <LI><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">If you and your spouse are covered, your contribution might be limited based on your adjusted gross income.</SPAN></SPAN></LI> </UL> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">For example, if you are in the top tax bracket of 37% and make a $6,000 deductible contribution—the maximum for 2020—you can save as much as $2,220 in taxes based on 2020 tax rates. Best of all, unlike most tax-saving strategies that must be in place by December 31, you can contribute to an IRA all the way until tax filing day, typically April 15.</SPAN></SPAN></P> <P>&nbsp;</P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">-follow these links for more information-</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif"><A href="https://turbotax.intuit.com/tax-tips/amend-return/video-how-to-amend-taxes-that-are-already-filed/L4170mFbT" target="_blank">Video: How to Amend Taxes that Are Already Filed - TurboTax ...</A></SPAN></SPAN></P> Fri, 12 Mar 2021 23:44:30 GMT https://ttlc.intuit.com/community/after-you-file/discussion/re-i-filed-my-taxes-already-but-now-i-want-to-contribute-to-my-ira-do-i-need-to-amend-my-return/01/2070591#M527547 RayW7 2021-03-12T23:44:30Z