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Traditional IRA Tax Deductions

Traditional IRA Tax Deductions

In this video, I talk about the traditional IRA tax deductions. The traditional IRA can lower your taxable income. It’s also a great way to save for retirement.

The traditional IRA can lower your taxes and increase your tax refund. The IRS reported lower tax refunds for 2018 and using a traditional IRA can lower your taxable income and boost your tax refund.

IRA Deduction Tips: The important thing to consider first when you are going to start investing is to choose the right broker. In years past, there were less choices, but now discount brokers are everywhere. However, you have to weigh pricing against what you need from a broker as far as tools and advice. So, don't just pick a random broker. Instead, look at several before making your final decision.

If you also use a 401k you can lower your taxable income and if you earn too much you could lower your taxable income to qualify for a traditional IRA.

There are income limits that you need to know.

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Written by Bobby

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