Roth IRA deduction

psucpa85 · ‎February 17, 2022

Completing my son's taxes and he opened up a Roth IRA in 2021. It could be that his taxable income, under $12k, is the reason that he's not getting any tax benefit from his 2021 IRA contribution. Looking for help.

Thanks,

Paul

JohnB5677 · ‎February 17, 2022

You said that he opened a ROTH IRA. A Roth IRA is an individual retirement account that he will pay taxes on going into his account, and then all future withdrawals are tax-free.

This is a very wise move with his reduced income and possibly no tax status.

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