USA Traditional IRA and HSA tax Deduction??

Nov 5, 2017
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United States
Hello All, As 2017 comes to an end, its time to start preparing 2017 tax returns. Goody

Little background about me. 30yrs old, Married for 5 years. No kids yet. We own our house, and a parcel of land.

2 years ago I worked 2 full time jobs and a part time job in conjunction with my wifes full time job and part time job. We ended up having to pay in approximately $4000.00 at tax time. Not fun! That totally stinks because that was our savings (trip money) wiped out. Gone.

Last year she dropped down to just a full time job, Me to just a single full time and part time job. Still after all was said and done we still owed a little over $1,000.00 Very disheartening seeing as how we now had less spending money and less going into savings. Plus still had to pay in.

Now, we don't live an extravagant lifestyle, we don't have expensive things, and we down own a new and updated home. We have nice stuff don't get me wrong but its not new. In fact the newest car we own is a 2002. We are very frugal with our money and have a fair amount in savings and invest in retirement (401k, Roth, traditional IRA). My short term goal would be to pay the house off early, and long term goal would be to retire early.

That brings us to 2017 tax returns. Not much has changed since 2016 except for the fact that we each got a little raise. I still have the full and part time job, and she still works full time all claiming 0 exemptions. I just did quick math and as it stands, we are going to owe in to federal about 2000.00. Seriously? Does the government not want young people trying to make it on their own to be able to survive? I just don;t get it.

So, I've got 2 months to come up with as many deductions as I can. Natalie and I both have 401k's through our work. Plus we each have a Roth IRA, and I've got a traditional IRA. Plus I've contributed about 200.00 out of pocket to my HSA. My questions, Does contributing to my Traditional IRA or HSA help out with having to pay in? And at what percentage? (ex, contribute $1000.00 after tax money, $10.00 can be written off 2017 taxes). Or what about donating money to a charity?

Also, any other suggestions? And please don't say quit my part time job. Although I'd like to, Its currently funding both our Roth's as well as making out monthly land payment. And as for a kid for a deductions, sure maybe, but we've still got a few places to go and see before that will happen. Besides as we are living right now I don't see a chance for us to afford it.

Thanks for any help you can provide. All I can hope is that if the Republican's tax reform passes, it will help us middle class out a little.

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