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It won’t affect your return in the year you make contributions since the contributions are made with after tax dollars. Your contributions appreciate tax free though (i.e., you don’t have to pay taxes when you start taking distributions).
Thank you! That's what I thought, but I'm entering them and watching my refund go down by approximately $150 for mine and husbands contributions. Will have to research some more.
if your income is low enough you can qualify for a retuirmement savings credit. so in addition to tax benefits of the actual retirement plan you get a current year benefit. agi would need to be below about 64k to qualify
We're above threshold for that but below the MFJ limit for Roth contributions so I dont know what's going on
Roth contributions shouldn’t have any impact on AGI
Nm, AGI is too high.