If you have a 401k at work and are over 50 and need to find immediate relief on your taxes.A Traditional IRA May be your solution.
You have until April 15, 2019 to contribute for a tax deduction in the 2018 calendar year. Since IRA is separate from employer sponsored 401k, you can invest up to $5,500 in IRA’s plus an additional $1,000 or $6,500, if you’re over 50. Depending on your income your contribution may or may not be tax deductible.
For 2018, once you reach $63,000-$73,00 of income as a single person – or $101,000-$121,000 if married, filing jointly or a qualified widow(er) – you will either be entitled to deduct only part of your traditional IRA contribution or Not entitled to a deduction at all.
Remember for retirement the general goal is to minimize tax liabilities and maximize earnings. If you have questions call us 575-541-3963.