I would like to add money to a traditional IRA before April 15 for the year 2018 to help reduce my taxes. Can I take money out of the IRA after Apr. 15 without penalty?

[Coleen3 · Accepted solution]

No. You are getting a tax deduction because it is meant to be your savings for retirement. If you take the money out, you will not only pay the tax on the distribution, but a 10% penalty for early distribution.