Archive of entries posted in December 2016

IRA Contributions and Deduction

An individual Retirement account (IRA) provides certain tax advantages. Anyone who wants to save for retirement can set one up. Traditional IRA contributions are tax deductible for the year when you make the contribution, and withdrawals in retirement are taxed at ordinary income rate. Roth IRAs provide no tax break for contributions, but earnings and withdrawals are generally tax-free. Continue Reading »