If I put 3K in my Roth IRA for the year 2013 can I write the 3K off in my taxes?

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  • If I put 3K in my Roth IRA for the year 2013 can I write the 3K off in my taxes?


Answer #1 | 19/12 2013 16:45
No. Contributions to Roth IRAs are not deductible at all.
Positive: 81 %
Answer #2 | 19/12 2013 16:45
Positive: 75 %
Answer #3 | 19/12 2013 16:47
nope, Roth is an after tax IRA so there is no deduction, but it grows income tax free which in the long run many people prefer. if you want the deduction for this year, you can do a Traditional IRA and you would get the $3k deduction.
Positive: 55 %
Answer #4 | 19/12 2013 17:13
Of course not. Roth contributions are AFTER tax deductions. Even if you contributed to a traditional IRA, it's still not a write off. It's an above the line deduction to arrive at AGI.
Positive: 23 %
Answer #5 | 19/12 2013 20:50
No. You cannot write off money that you put in a Roth IRA.
Positive: 10 %
Answer #6 | 20/12 2013 09:15
if this is the regular IRA and you qualify to contribute $3K, yes this is a credit which reduces your gross income it will not reduce your taxes by $3K however
Positive: 10 %
Answer #7 | 20/12 2013 22:25
No, but if your income is low, look for an IRA tax credit on IRA contributions including the Roth. -savings-made-for-retirement-1.aspx
Positive: 10 %
Answer #8 | 22/12 2013 05:18
No deduction amount at all for any contribution amount to a ROTH IRA account during the tax year because it is made up of AFTER INCOME tax funds for that purpose and time in your life. Hope that you find the above enclosed information useful. 12/22/2013
Positive: 10 %

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