What is the tax relief in my income tax return by contributing to an IRA account?

The amount you pay in taxes will be reduced when you open an IRA account depending on the amount of the contribution and your tax rate range. The following table presents several examples:

IRA Contribution Tax rate range Reduction
$5,000 7% $350
$5,000 10% $500
$5,000 15% $750
$5,000 28% $1,400

Need more help?

We are receiving an extraordinary volume of calls, which is affecting our waiting times. We appreciate your understanding and your trust in us.

Call us at 787.724.3659 or Access Mi Banco Online (desktop version), log in by entering your username and password, and in the upper part of the website click on “Contact Us”. From there, write your message, and we will gladly assist you.

We encourage you to consult the following information regarding useful and accessible solutions for you.