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You will not get any tax savings if you contribute to a ROTH IRA this year-you get the tax savings when you take distributions after you retire. If you are able to contribute to a traditional IRA, you will get a income deduction in 2016 which may reduce your taxable income
You will not get any tax savings if you contribute to a ROTH IRA this year-you get the tax savings when you take distributions after you retire. If you are able to contribute to a traditional IRA, you will get a income deduction in 2016 which may reduce your taxable income
A Roth IRA contribution might qualify you for a Retirement Savings Contributions Credit:
https://www.irs.gov/publications/p590a/ch03.html
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