Summary of IRA deduction rules

By elitecpas | February 16, 2022 | Comments Off on 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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