Tax shelter question

[DeweyT]

If I max out my Roth IRA ($6,000) is there another IRA investment option available to me?

[DeweyT]

If not, is there any other investment account that I could reduce my tax bill bor 2019?

[RobertG]

Other than an IRA contribution, there is not much you can do to affect your 2019 return in 2020.

[DeweyT]

Ok thanks.  What investment could have reduced my tax balance if I paid it in 2019?

[RobertG]

There are a lot of investments that can reduce your tax bill, but all of them involve some risk of loss.

Many people invest in rental real estate for the tax advantages.  Others invest in various types of partnerships.  This is really a question for a financial planner or investment specialist who can look at your personal situation and make recommendations based on your goals.  There are no sure things.

[DeweyT]

Thanks, Robert G