Roth IRA

[PC]

Can I contribute to a Roth IRA for tax benefit, or only Traditional IRA.

In turbotax, it states tax break only applies to 2019 traditional IRAs, not Roth IRAs

[DoninGA]

Roth IRA contributions are not tax deductible.

[PC]

Did this change, I am asking because I created a Roth IRA last year and contributed $6000, and receeved a tax break.

[DoninGA]

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@PC wrote:

Did this change, I am asking because I created a Roth IRA last year and contributed $6000, and receeved a tax break.

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You may have received a Retirement Savings Contributions Credit (Saver's Credit) for contribution to a retirement saving account.  Go to this IRS website for the Saver's Credit - https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-savings-contributions-save...

Since the inception of the Roth IRA the contributions have never been deductible on a tax return.

Go to this IRS website for a Roth IRA - https://www.irs.gov/retirement-plans/roth-iras

[PC]

Yes that is correct, thanks for the clarification.

Could I now create a traditional IRA prior to Apr 15, to count for a 2019 tax break? 

[DoninGA]

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@PC wrote:

Yes that is correct, thanks for the clarification.

Could I now create a traditional IRA prior to Apr 15, to count for a 2019 tax break? 

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Yes, you can create a Traditional IRA account and make your contribution at any time on or before April 15 so that it can be entered on the 2019 tax return.  Assuming that you have not already contributed the maximum to the Roth IRA you already have in 2019.

You could enter the numbers both ways (Traditional or Roth) in the IRA Contribution section to see if one way or the other will give you a larger tax break.  

• Click on Federal Taxes (Personal using Home and Business)
• Click on Deductions and Credits
• Click on I'll choose what I work on (if shown)
• Scroll down to Retirement and Investments
• On Traditional and Roth IRA Contributions, click the start or update button

Or enter ira contributions in the Search box located in the upper right of the program screen. Click on Jump to ira contributions