Question

My high school aged daughter has just over $15,000 in earned income and owes around $1,200 in taxes. If she opens an IRA before April 15 can she avoid these taxes?

Forum|Forum|4 years ago
April 11, 2022
1 reply
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TurboTax Free Edition Online

Employee

She can contribute up to $6000 to a Traditional IRA and deduct it from her taxable income.

Enter IRA contributions here:
Federal Taxes,
Deductions & Credits,
I’ll choose what I work on (if that screen comes up),
Retirement & Investments,
Traditional & Roth IRA contribution.

OR Use the "Tools" menu (if online version under My Account) and then "Search Topics" for "ira contributions" which will take you to the same place.

**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.**