Traditional IRAs and taxes - The Motley Fool
It is tax filing season; did you take all your tax deductions? A simple way to get a tax deduction is by using a retirement account. If you don’t have access to a workplace retirement plan and your annual income is below certain thresholds, you get an income tax deduction for traditional IRA contributions. A traditional IRA is an individual retirement account that provides your investments with tax-deferred growth. Contributions to a traditional IRA are made pre-tax, and you may be able to deduct some or all of your traditional IRA contributions on your tax return. Stefon Walters explains why saving and investing for retirement is great, but saving and investing for retirement while getting a tax break is even better. Read Mr. Walters’ article here…
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