Don't Overlook the value of the IRA deduction
Answer:
An IRA deduction can save you from $650 to $2,574 depending on your filing status and tax bracket on your federal tax return.
If you are under 50 you can put up to $5,500, Over 50 you can put up to $6,500.
If you are under 50 you can put up to $5,500, Over 50 you can put up to $6,500.
Interested in more Five Last Minute Refund Tips Questions?
- Don't Overlook the value of the IRA deduction
- If you are self-employed, take advantage of an SEP plan
- Take the American Opportunity Credit if you have children in undergraduate college.
- Check to see if you have worthless stock or loans that are completely uncollectible
- If you itemize, don't forget the non-cash contribution deductions.
