How much should i put in an IRA to lower my taxes?

Enter a contribution amount into the program and see the effect on your tax liability. 

The more you contribute, the more tax you will save in most instances. If you are under age 50, you can contribute up to $6,000 and you can add another $1,000 if you are age 50 or over. Most people are in a 12% to 22% federal marginal tax bracket, so you will save 12% to 22% of the amount contributed in federal taxes most likely. You can enter the contribution in TurboTax to see how much tax you save.

You enter your IRA contribution in the Deductions and Credits section of TurboTax, then Retirement and Investments and then Traditional and Roth IRA Contributions. Choose the Traditional IRA option to have your contribution deducted from your income to give you a tax savings on your current year tax return.