How do I determine the amount of money to contribute toward a traditional IRA to maximize my deduction?

mitchelluclataxe — Thu, 06 Jun 2019 14:42:22 GMT

Turbo Tax has a tool called the IRA Calculator that will...

LisaBr — Thu, 06 Jun 2019 14:42:24 GMT

Turbo Tax has a tool called the IRA Calculator that will walk you through the calculation. Unfortunatly, it is currently being updated, https://turbotax.intuit.com/tax-tools/calculators/ira/

However, in the meantime, here is another tool I've found helpful, https://www.fidelity.com/calculators-tools/ira-contribution-calculator

Another way where your income will already be calculated through TurboTax is to pretend to put in different amounts in the Retirement Savings Credit and the system will do the calculations for you. You can change your contribution amount to see what works for you.

1. Go To Federal, then Deductions and Credits.

2. Select Retirement and Investments, choose Retirement Savings Credit

This is walk you through the program. You will be able to see what will be your maximum benefit.

topic How do I determine the amount of money to contribute toward a traditional IRA to maximize my deduction? in Retirement tax questions

How do I determine the amount of money to contribute toward a traditional IRA to maximize my deduction?

Turbo Tax has a tool called the IRA Calculator that will...