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J
jrosenking
July 11, 2020
Question

I'm due to pay $8000 in federal taxes, I'm married and filing jointly. If I put some $$ ($3000) in my retirement account will it reduce my federal tax payout?

  • July 11, 2020
  • 1 reply
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1 reply

SusanY1
SusanY1
July 11, 2020

It may.  If your income is within the range to qualify for a deduction, it can reduce your balance due.  

 

To enter it and find out the new tax balance due, go to Deductions & Credits and then Retirement & Investments.  Click Start beside Traditional and Roth IRA Contributions. 

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