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Monday, February 6, 2023

Deductions Allowed for Contributions to a Traditional IRA

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Traditional particular person retirement accounts, or IRAs, are tax-deferred, which means that you just don’t must pay tax on any curiosity or different beneficial properties the account earns till you withdraw the cash. The contributions you make to the account could entitle you to a tax deduction annually. However, the Internal Revenue Service (IRS) restricts who can declare a tax deduction for contributions to conventional IRAs primarily based on numerous elements.

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Source: www.thestreet.com

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