i am retired. my wife took the entire early pension distribution to her savings acct.
1099-r show fed taxes withheld and no state taxes withheld. can an ira purchase reduce this years taxes?
An IRA will not reduce your state taxes owed but if you qualify for it, yes, you can purchase on before April 15th to reduce your federal taxes.
You should talk contact a financial services planner to determine how much you can and should contribute.
**Mark the post that answers your question by clicking on "Mark as Best Answer"