I'm a retired DoD civilian annuitant widower aged 69. Can I reduce my 2016 federal tax liability by funding a Traditional IRA with Schwab for $6500.00 b4 Apr 18, 2017?

posted

Connect with an expert

1 Best answer

Accepted Solutions

I'm a retired DoD civilian annuitant widower aged 69. Can I reduce my 2016 federal tax liability by funding a Traditional IRA with Schwab for $6500.00 b4 Apr 18, 2017?

ROTH IRA contributions are not deductible and such a contribution would not affect the tax you owe at all.

View solution in original post

1 Reply

I'm a retired DoD civilian annuitant widower aged 69. Can I reduce my 2016 federal tax liability by funding a Traditional IRA with Schwab for $6500.00 b4 Apr 18, 2017?

ROTH IRA contributions are not deductible and such a contribution would not affect the tax you owe at all.

Still have questions?