Summary of IRA deduction rules

tax breaks

Quick summary of IRA rules The maximum annual contribution limit is $6,000 in 2021 and 2022 ($7,000 if age 50 or older). Contributions may be tax-deductible in the year they are made. Investments within the account grow tax-deferred. Withdrawals in retirement are taxed as ordinary income. The IRS requires individuals to begin taking money out of…

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Roth vs Traditional IRA – Which is better

Roth via scrabble

Roth IRA versus Traditional IRA: Which Is Better for You?   I can’t think of a more heated tax debate than this topic has been over the years. This debate is akin to the feud between the Hatfields and McCoys, the Montague and Capulets, the Union and the South, etc. Accountants tend to be split…

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