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April 9, 2024
Question

Traditional IRA Contribution not showing decrease in taxes owed

  • April 9, 2024
  • 1 reply
  • 0 views

I entered my traditional IRA contribution and my tax amount didn't change. My understanding is that my income is low enough that it should be fully deductible.

1 reply

VolvoGirl
Employee
April 9, 2024

Maybe you are getting back all the refund you can  and more deductions won't increase it.  Or you still owe for something else. Also after you reduce your income to zero there is no more refund to get back but you still may owe for other things like self employment tax