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Retirement tax questions
Of course, no one knows if you are actually eligible for contributing to a "deductible'" IRA.
That depends on other factors.
Remember that the tax deduction is NOT 1:1,
i.e, if your income for the year puts you in the 10% tax bracket, a $6000 contribution to an IRA would reduce your taxes due by only $600. If you are in a higher tax bracket, then more.
And if you only have access to a traditional 401k thru your W-2 employer, then it's too late to contribute more there.
____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
‎February 15, 2024
7:44 AM