can you claim ira contributions on taxes
Some IRAs are tax-free while you contribute to them, though you will be expected to pay taxes on the money you receive from IRA distributions. If you have a Roth IRA, the contributions you make aren't tax-deductible, but you do have the advantage of not owing taxes on the money once you start taking distributions. Because Roth contributions are not deductible it's important you claim them properly when filing your federal taxes. Step 1. Fill out IRS Form 8880 to see if you qualify for the Retirement Savings Contributions Credit and how much the credit will be if you do qualify.