Dear Turbo,
I am potentially contributing $7000.0 to a Roth IRA but I do not see any change in the amount of my refund or amount owed when I enter this figure in TurboTax.
System say I still owe $715.00
Please explain.
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Right. You do not get a deduction for a ROTH IRA only for a Traditional IRA contribution.
ROTH contributions do not give you a deduction now. You pay tax on you total income now but when you take a ROTH Distribution it will come out tax free and the earnings will be tax free too. So it grows tax free.
Just came across this FAQ on ROTH vs Traditional IRA
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