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L
LMH3
Level 2
April 6, 2022
Question

Retirement IRA Deduction

  • April 6, 2022
  • 4 replies
  • 11 views

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

    4 replies

    macuser_22
    Alumni - Champ
    macuser_22Alumni - Champ
    Alumni - Champ
    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.**
      J
      JulieS
      Level 15
      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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        L
        LMH3Author
        Level 2
        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
        DawnC
        Level 15
        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?

        **Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"
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