topic Re: Why does my IRA contribution not decrease my federal tax due? I do not have an employer plan ... in Retirement tax questions https://ttlc.intuit.com/community/retirement/discussion/re-why-does-my-ira-contribution-not-decrease-my-federal-tax-due-i-do-not-have-an-employer-plan/01/1415514#M100402 <P>Does your modified adjusted gross income exceed the limitations?&nbsp; See this <A href="https://turbotax.intuit.com/tax-tips/tax-planning-and-checklists/tax-tips-after-january-1st/L8fY6OyFl" target="_blank">TurboTax Help</A>.</P> <P>&nbsp;</P> <P>"If you are eligible, you must have adjusted gross income of $64,000 or less for singles, or $103,000 or less for married couples filing jointly."</P> Mon, 06 Apr 2020 19:02:27 GMT JamesG1 2020-04-06T19:02:27Z Why does my IRA contribution not decrease my federal tax due? I do not have an employer plan nor am I contributing more than my earned income. https://ttlc.intuit.com/community/retirement/discussion/why-does-my-ira-contribution-not-decrease-my-federal-tax-due-i-do-not-have-an-employer-plan-nor-am-i/01/1415357#M100393 Mon, 06 Apr 2020 18:37:39 GMT https://ttlc.intuit.com/community/retirement/discussion/why-does-my-ira-contribution-not-decrease-my-federal-tax-due-i-do-not-have-an-employer-plan-nor-am-i/01/1415357#M100393 evanderkloot 2020-04-06T18:37:39Z Re: Why does my IRA contribution not decrease my federal tax due? I do not have an employer plan ... https://ttlc.intuit.com/community/retirement/discussion/re-why-does-my-ira-contribution-not-decrease-my-federal-tax-due-i-do-not-have-an-employer-plan/01/1415514#M100402 <P>Does your modified adjusted gross income exceed the limitations?&nbsp; See this <A href="https://turbotax.intuit.com/tax-tips/tax-planning-and-checklists/tax-tips-after-january-1st/L8fY6OyFl" target="_blank">TurboTax Help</A>.</P> <P>&nbsp;</P> <P>"If you are eligible, you must have adjusted gross income of $64,000 or less for singles, or $103,000 or less for married couples filing jointly."</P> Mon, 06 Apr 2020 19:02:27 GMT https://ttlc.intuit.com/community/retirement/discussion/re-why-does-my-ira-contribution-not-decrease-my-federal-tax-due-i-do-not-have-an-employer-plan/01/1415514#M100402 JamesG1 2020-04-06T19:02:27Z Re: Why does my IRA contribution not decrease my federal tax due? I do not have an employer plan nor am I contributing more than my earned income. https://ttlc.intuit.com/community/retirement/discussion/re-why-does-my-ira-contribution-not-decrease-my-federal-tax-due-i-do-not-have-an-employer-plan-nor/01/1415764#M100414 <P>Also, a deduction for an IRA contribution can only reduce income taxes.&nbsp; If your income tax is already zero, the deduction will not reduce income taxes below zero.&nbsp; Other taxes such as self-employment taxes cannot be reduced by an IRA deduction.</P> Mon, 06 Apr 2020 19:41:56 GMT https://ttlc.intuit.com/community/retirement/discussion/re-why-does-my-ira-contribution-not-decrease-my-federal-tax-due-i-do-not-have-an-employer-plan-nor/01/1415764#M100414 dmertz 2020-04-06T19:41:56Z