How much will IRA contribution now in 2025 lower tax bill for 2024

There are many factors that must be considered to answer your question.  The easiest way to answer it is to enter the information into your return as if you have already made the contribution.  Then, decide if the tax benefit is worth the contribution for your tax situation.  If you change your mind, just go back through the section and delete the contribution information.  

There are some things to consider which may factor into not lowering your tax bill at all.  The only IRA contribution that will lower your tax bill is a deductible contribution to a Traditional IRA.  If your income and retirement plan status at work prevent you from making a deductible contribution, then there would be no immediate tax benefit.  Entering the potential IRA contribution into TurboTax will take this into account and let you know if you qualify to make a deductible contribution.

The following TurboTax help article will guide you to enter the IRA contribution to see how if affects your bottom line:

Where do I enter my traditional or Roth IRA contributions?