https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-1098-misc/01/1290465#M135991 <P>Unfortunately, not all of it. Part of the amount due is the 15.3% Social Security and Medicare taxes. That is still taxable, even with an IRA.</P> Sun, 08 Mar 2020 13:23:03 GMT ColeenD3 2020-03-08T13:23:03Z https://ttlc.intuit.com/community/tax-credits-deductions/discussion/1098-misc/01/1290431#M135985 <P>my son would have gotten a refund but he had a 1098 that no taxes were taken out of. If he were to invest that entire amount (5600.00) in an ira, would he go back to getting a refund?</P> Sun, 08 Mar 2020 13:07:25 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/1098-misc/01/1290431#M135985 daveeyes 2020-03-08T13:07:25Z https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-1098-misc/01/1290465#M135991 <P>Unfortunately, not all of it. Part of the amount due is the 15.3% Social Security and Medicare taxes. That is still taxable, even with an IRA.</P> Sun, 08 Mar 2020 13:23:03 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-1098-misc/01/1290465#M135991 ColeenD3 2020-03-08T13:23:03Z