topic I plugged in $5000.00 for a Roth IRA that I have not yet set up / purchased, I did not see any change in either the Federal or State returns. Why is this? in Retirement tax questions

I plugged in $5000.00 for a Roth IRA that I have not yet set up / purchased, I did not see any change in either the Federal or State returns. Why is this?

ldthore1 — Thu, 06 Jun 2019 10:05:15 GMT

I thought by contributing to an IRA, there would be a credit or reduction in our taxes.

DoninGA — Thu, 06 Jun 2019 10:05:16 GMT

Roth IRA contributions are not deductible.

Your Adjusted Gross Income may exceed the amount for being eligible for the Saver's Credit. See this IRS website - https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-savings-contributions-save...