How IRA tax break works.

How IRA tax break works.

IRA Deduction Tips: If you are employed and your spouse is not, you can still open a spousal IRA for your spouse. This helps provide your spouse with a retirement fund that can be a source of retirement income in later years. Before contributing to a spousal IRA, check the current income limits and deposit limits as these change from time to time.

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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