Skip to main content
TurboTax
Community
TurboTax
Community
TurboTax
Community
D
daveeyes
March 8, 2020
Question

1098 misc

  • March 8, 2020
  • 1 reply
  • 0 views

my son would have gotten a refund but he had a 1098 that no taxes were taken out of. If he were to invest that entire amount (5600.00) in an ira, would he go back to getting a refund?

    1 reply

    ColeenD3
    ColeenD3
    March 8, 2020

    Unfortunately, not all of it. Part of the amount due is the 15.3% Social Security and Medicare taxes. That is still taxable, even with an IRA.

      TurboTax Sign In Widget
      TurboTax flag icon

      Unlock tailored help options in your account

      Create an account
      TurboTax Expert Assist
      TurboTax Expert

      Get answers to all your tax questions

      Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.

      Terms & ConditionsAccessibility statement
      Intuit
      TurboTax Credit Karma QuickBooks MailChimp

      ©1997-2022 Intuit, Inc. All rights reserved.
      Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks
      of Intuit Inc. Terms and conditions, features, support, pricing, and service options
      subject to change without notice.

      Security Certification of the TurboTax Online application has been performed by
      C-Level Security.

      By accessing and using this page you agree to the Terms of Use.

      Accessibility

      TRUSTe nResult Certified e-File C-Level Security Certification