Question

On the Roth IRA contribution tax break I electronically signed saying I authorized them to look into it & I didn't get the deduction or hear anything & Im not sure why?

Forum|Forum|7 years ago
June 5, 2019
1 reply
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Did anyone else do this? If so did it not give you the deduction even if you qualified?

TurboTax Free Edition Online

Employee

Roth IRA contributions are not deductible, but contributions to traditional IRA's are deductible.

Because you do not get a tax deduction for contributions to a Roth IRA, the money in the IRA grows "tax-free" and therefore distributions, when they begin, are also ''tax-free''.

If you have the flexibility to make either a traditional or Roth IRA contribution, then you need to weigh carefully the advantages of one versus the other. Here is more info on the difference between these two account types: https://ttlc.intuit.com/replies/3300134