https://ttlc.intuit.com/community/retirement/discussion/re-why-did-my-total-tax-due-not-decrease-for-opening-an-ira-i-opted-for-the-6000-ira-contribut/01/2551495#M168593 <P>The effect on your tax return for opening an IRA depends on a few factors.</P> <P>&nbsp;</P> <P>If you elected to open and fund a Traditional IRA, then you must be eligible to make a deductible contribution.&nbsp; If the contribution is deductible, the amount you contribute will reduce your Adjusted Gross Income (AGI) and your taxable income.&nbsp; This would reduce your taxes.</P> <P>&nbsp;</P> <P>If you chose either a non-deductible contribution to a Traditional IRA or a contribution to a Roth IRA, there will be no effect on the bottom line of your return.</P> <P>&nbsp;</P> <P>Any of these contributions to an IRA may make you eligible to claim the Saver's Credit if qualified and your income is within the limits allowed for the credit.</P> Sun, 06 Mar 2022 00:49:00 GMT AnnetteB6 2022-03-06T00:49:00Z https://ttlc.intuit.com/community/retirement/discussion/why-did-my-total-tax-due-not-decrease-for-opening-an-ira-i-opted-for-the-6000-ira-contribution-to/01/2551424#M168590 While putting in the option on the return that I was going to open an IRA for $6000 before April, it stated after submitting, the amount would change, but it didn't. Mon, 09 Mar 2026 09:00:49 GMT https://ttlc.intuit.com/community/retirement/discussion/why-did-my-total-tax-due-not-decrease-for-opening-an-ira-i-opted-for-the-6000-ira-contribution-to/01/2551424#M168590 nroutledge88 2026-03-09T09:00:49Z https://ttlc.intuit.com/community/retirement/discussion/re-why-did-my-total-tax-due-not-decrease-for-opening-an-ira-i-opted-for-the-6000-ira-contribution-to/01/2551494#M168592 <P>Did you choose a Traditional IRA (not a Roth)?</P> Sun, 06 Mar 2022 00:49:00 GMT https://ttlc.intuit.com/community/retirement/discussion/re-why-did-my-total-tax-due-not-decrease-for-opening-an-ira-i-opted-for-the-6000-ira-contribution-to/01/2551494#M168592 SweetieJean 2022-03-06T00:49:00Z https://ttlc.intuit.com/community/retirement/discussion/re-why-did-my-total-tax-due-not-decrease-for-opening-an-ira-i-opted-for-the-6000-ira-contribut/01/2551495#M168593 <P>The effect on your tax return for opening an IRA depends on a few factors.</P> <P>&nbsp;</P> <P>If you elected to open and fund a Traditional IRA, then you must be eligible to make a deductible contribution.&nbsp; If the contribution is deductible, the amount you contribute will reduce your Adjusted Gross Income (AGI) and your taxable income.&nbsp; This would reduce your taxes.</P> <P>&nbsp;</P> <P>If you chose either a non-deductible contribution to a Traditional IRA or a contribution to a Roth IRA, there will be no effect on the bottom line of your return.</P> <P>&nbsp;</P> <P>Any of these contributions to an IRA may make you eligible to claim the Saver's Credit if qualified and your income is within the limits allowed for the credit.</P> Sun, 06 Mar 2022 00:49:00 GMT https://ttlc.intuit.com/community/retirement/discussion/re-why-did-my-total-tax-due-not-decrease-for-opening-an-ira-i-opted-for-the-6000-ira-contribut/01/2551495#M168593 AnnetteB6 2022-03-06T00:49:00Z https://ttlc.intuit.com/community/retirement/discussion/re-why-did-my-total-tax-due-not-decrease-for-opening-an-ira-i-opted-for-the-6000-ira-contribution-to/01/2551885#M168618 <P>IF you got no tax reduction, it means you are not eligible for a deduction.</P><P>take that contribution off your tax return unless you want a tax basis in your IRA (Form 8606).</P> Sun, 06 Mar 2022 04:08:49 GMT https://ttlc.intuit.com/community/retirement/discussion/re-why-did-my-total-tax-due-not-decrease-for-opening-an-ira-i-opted-for-the-6000-ira-contribution-to/01/2551885#M168618 fanfare 2022-03-06T04:08:49Z