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Need Tax Deduction? Check Out Traditional IRA
March 20, 2019   |   IRS, Legislation, Retirement Accounts IRA/401K, Tax Due, Tax Resources

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Do you owe taxes this year?  Looking to reduce your tax bill? Check out a Traditional IRA.  It’s one of the few deductions that can be taken AFTER the tax year ends. In practical terms, taxpayers can contribute to a Traditional IRA as late as  April 15, 2019 for 2018 Tax Year.

Contributions provide a much needed tax deduction on Schedule 1 (lowering taxable income and tax bill).


If taxable income is within the limits may also provide a tax credit as well (See instructions for Saver’s Credit- IRS Form 8880).

How much can I contribute?

Depends on Age (under age 70; 2022 update no age limit)

Filing Status

Adjusted Gross Income (AGI) (must have wages or self employment income for taxpayer or spouse)


Whether covered by a retirement plan at work.

For 2018 tax year, taxpayers under age 50 can contribute up to $5,500. If over age 50 can contribute up to $6,500 (2022 update 6,000 under age 50, 7,000 over age 50)

For more information see IRS Tax Topic https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-limits
Or IRS Publication 590A

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