Retirement IRA Deduction

LMH3 · ‎April 6, 2022

How much of my Roth IRA contribution is deductible in 2021?

macuser_22 · ‎April 6, 2022

None. Only Traditional IRA contributions are deductible, Roth are not.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

JulieS · ‎April 6, 2022

Roth IRA contributions are never deductible, but you may get the Retirement Savings Contribution Credit for your contribution. If you want a deductible IRA, you should set up a Traditional IRA.

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LMH3 · ‎April 6, 2022

Thank you, Julie. In order to receive the Retirement Savings Contribution Credit, do you have to have taxable income? For instance if line 16 says zero, then you can't take any Retirement Savings Contribution Credit?

DawnC · ‎April 6, 2022

Correct. It is a non-refundable credit, so you do not get any benefit if you have a zero tax liability Line 16. What is the Saver's Credit?

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Retirement IRA Deduction

How much of my Roth IRA contribution is deductible in 2021?