- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
That depends entirely on your tax bracket. For example, if you are in the 22% bracket, a maximum regular Traditional IRA contribution of $6,000 (under age 50) would save you $1,320 in taxes.
But if you owe almost $9,000 in taxes, your income may be too high to contribute to an IRA. You are asking from TT self-employment, so I wonder if you are being hit with a penalty for underpayment of estimated taxes as well. Also see:
Retirement Plans for Self-Employed People | Internal Revenue Service (irs.gov)
March 26, 2021
7:55 AM