topic Paid $3000 to my traditional IRA out of pocket, because thought it would help lower taxes? Is this correct? in Retirement tax questions https://ttlc.intuit.com/community/retirement/discussion/paid-3000-to-my-traditional-ira-out-of-pocket-because-thought-it-would-help-lower-taxes-is-this/01/350588#M30836 Mon, 03 Jun 2019 20:32:54 GMT chickencoop30 2019-06-03T20:32:54Z Paid $3000 to my traditional IRA out of pocket, because thought it would help lower taxes? Is this correct? https://ttlc.intuit.com/community/retirement/discussion/paid-3000-to-my-traditional-ira-out-of-pocket-because-thought-it-would-help-lower-taxes-is-this/01/350588#M30836 Mon, 03 Jun 2019 20:32:54 GMT https://ttlc.intuit.com/community/retirement/discussion/paid-3000-to-my-traditional-ira-out-of-pocket-because-thought-it-would-help-lower-taxes-is-this/01/350588#M30836 chickencoop30 2019-06-03T20:32:54Z Yes, it could certainly lower your taxes. However, if you... https://ttlc.intuit.com/community/retirement/discussion/yes-it-could-certainly-lower-your-taxes-however-if-you/01/350602#M30838 <P>Yes, it could certainly lower your taxes. However, if you or your spouse contributed to a retirement plan at work, there are income phaseouts where part or all of your contribution may not be deductible. If you did not contribute at work, your contribution is fully deductible. See below for more details.</P><P> <A href="https://ttlc.intuit.com/replies/3301534" target="_blank">https://ttlc.intuit.com/replies/3301534</A> <BR /> </P> Mon, 03 Jun 2019 20:32:55 GMT https://ttlc.intuit.com/community/retirement/discussion/yes-it-could-certainly-lower-your-taxes-however-if-you/01/350602#M30838 Ashby 2019-06-03T20:32:55Z