Question

I am 65 retired and single, and owe federal taxes. If I open a Roth IRA account before the deadline, will that reduce the amount for Federal taxes owed?

Forum|Forum|3 years ago
March 15, 2023
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TurboTax Deluxe Online

No, Roth IRA contributions do not reduce your taxable income only traditional IRA contributions are deductible.

But you need taxable compensation (Wages, Salary, Self-employment income) to be able to make IRA contributions. Retirement income, dividends, etc. don't count.

For 2022 the total contributions you make each year to all of your traditional IRAs and Roth IRAs can't be more than:

$6,000 ($7,000 if you're age 50 or older), or
If less, your taxable compensation for the year

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I am 65 retired and single, and owe federal taxes. If I open a Roth IRA account before the deadline, will that reduce the amount for Federal taxes owed?

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