Thus, you're getting more than just security from these safe dividend stocks. October 22, Financial Planning. October 29, If your income isn't too high, contributing to a retirement account could help you lower your tax bill now. November 11, Was this article helpful? Share your feedback.
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You can contribute to a traditional or Roth IRA even if you participate in another retirement plan through your employer or business. However, you may not be able to deduct all of your traditional IRA contributions if you or your spouse participates in another retirement plan at work.
Roth IRA contributions might be limited if your income exceeds a certain level. See Publication A for certain conditions that may allow you to avoid including withdrawals of excess contributions in your gross income. Note that this only applies to traditional IRAs. Because Roth IRAs are funded with after-tax dollars, you can't get a deduction for money saved in these accounts. Be sure to tell your account administrator that the money you're putting in counts for and not If you fail to specify, most financial institutions will count it toward your funding limits—thus negating any tax benefits for this tax season.
That said, it is a good idea to make the transfer into your IRA account a couple days before the deadline—especially if you're creating a brand new account.
If you're going to go through all the effort, you want to be sure you get the deduction.
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