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lota12
Level 1
March 19, 2022
Question

question on roth contribution

  • March 19, 2022
  • 2 replies
  • 0 views

I decided to contribute to my roth ira I put the suggested amount but it didn't lower my taxes?

Can someone review my taxes?  I am in the review status and saved my file.  

Pls call me  

Thanks,

Lori

[phone number removed]

    2 replies

    B
    barbaraklee
    Level 2
    March 19, 2022

    There is no tax tax deduction on Roth contributions.

    When you collect your distributions, you are not taxed on them at that time.

    F
    FangxiaL
    Level 10
    March 19, 2022

    If saving taxes is your goal and your income still allows you to take a deduction, you should contribute to your Traditional IRA account. This will lower your income tax. 

     

    @lota12

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