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I owe taxes to the IRS this year. My question is, can I add…

I owe taxes to the...
I owe taxes to the IRS this year. My question is, can I add money to an IRA to bring the taxes owed amount down? I did have earned income for the first quarter of 2017.
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Answered in 1 minute by:
3/21/2018
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,613
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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That may help. You have till April 17th 2018 to make a contribution for 2017.

For 2017 and 2018, your total contributions to all of your IRAs cannot be more than:

  • $5500 ($6,500 if you’re age 50 or older), or
  • your taxable compensation for the year, if your compensation was less than this dollar limit.

If in that first quarter you made less than the $5500 you cannot contribute the full amount.

Please let me know if you need more information.
If not then please scroll up to see the STARS to rate so I am credited.

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Did that clarify?

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Customer reply replied 1 month ago
I made over $36,000 the first quarter. According to Turbo Tax, in order to claim the Retirement Savings Contribution Credit as a Single person I can only make $31,000. Does this mean that I cannot add to an IRA to get any tax credit?

It means you do not get the credit. It does not stop you from contributing.

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,613
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified
Robin D. and 87 other Tax Specialists are ready to help you
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Customer reply replied 1 month ago
not even partial credit? Is there nothing else that I can do to reduce my taxes owed? Also, is the $31,000 limit correct?

The contribution it self will be subtracted from your income. The amount you contribute acts as an adjustment so your income is lessened.

$30,750 is the limit and if you made $36000 you do not get even a part of the credit.

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Customer reply replied 1 month ago
Thanks for your help.

You are most welcome

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Robin D.
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Category: Tax
Satisfied Customers: 17,613
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Experience: 15years with H & R Block. Divisional leader, Instructor

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