How IRA tax break works.

How IRA tax break works.

IRA Deduction Tips: Consider setting up and contributing to an IRA to help fund your retirement. You can deduct contributions to a traditional IRA on your tax return each year that you make a contribution. Once you reach the age of 59-1/2, you can withdraw the money, but you must pay taxes on it. Contributions to Roth IRAs are not tax deductible, but you do not owe taxes on the money you withdraw from a Roth IRA after you are 59-1/2 or older.

Today we’re looking at the IRA tax deduction and how it works. Unlike the 401k contributions, the Traditional IRA contribution needs to be reported on your tax return in order to get the deduction.

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Written by Bobby

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