It depends if you qualify for an IRA contribution. Please see How much of my Traditional IRA contribution is deductible in 2021? The best way to see if the IRA contribution reduces your gross income, is to enter the IRA contribution in TurboTax. If it helps, then make sure you contribute before the dead line. If it doesn't help, make sure you delete the IRA contribution before filing your tax return. To enter your Traditional IRA: Select Federal on the left side menu. Select Deductions & Credits from the top menu. On the Let's find other tax breaks that might apply screen, scroll down to Did you contribute to traditional IRA or Roth IRA? Select, Yes I did and Continue. On the Your tax breaks screen, scroll down to Traditional and Roth IRA Contributions. Continue with the onscreen interview until complete.

Question

If i open an IRA account and make a deposit "towards my 2021 retirement" will i be able to drop my 2021 gross income under the 85000 bar to then qualify for SL deductions

Forum|Forum|4 years ago
April 11, 2022
1 reply
0 views

No text available

TurboTax Deluxe Online

H

HelenC12

It depends if you qualify for an IRA contribution. Please see How much of my Traditional IRA contribution is deductible in 2021?

The best way to see if the IRA contribution reduces your gross income, is to enter the IRA contribution in TurboTax.

If it helps, then make sure you contribute before the dead line.
If it doesn't help, make sure you delete the IRA contribution before filing your tax return.

To enter your Traditional IRA:

Select Federal on the left side menu.
Select Deductions & Credits from the top menu.
On the Let's find other tax breaks that might apply screen, scroll down to Did you contribute to traditional IRA or Roth IRA? Select, Yes I did and Continue.
On the Your tax breaks screen, scroll down to Traditional and Roth IRA Contributions.
Continue with the onscreen interview until complete.