Question

IRA

Forum|Forum|5 years ago
June 17, 2020
1 reply
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If I open an IRA Tax-Deductible Account and deposit $5,000.00 How will this affect my 2019 refund?

IRA

Employee

It could reduce your taxable income by that amount if you are qualified to deduct. It depends on your margional tax rate. If you are in the 22% bracket then you might save about $1,100 in tax.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**