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Have you contributed to your IRA for 2019 yet? If you haven’t filed your 2019 taxes yet, you probably should consider it.
The amount you add to a retirement account, up to the account type limits, will lower your taxable income by an equal amount. You can deduct that contribution from your income that year. The dollar amount you ultimately save in will be determined by the marginal tax bracket you fall in to.
If a single person living in California, who made 60,000 in 2019 were to contribute $5,000 to an IRA, they could save $1,656 in taxes. Alternatively, a married couple with $160,000 in annual income could save up to $3,756 if they each fully fund an IRA!
Don’t miss out on this deduction that can not only lower your tax bill today, but also provide you with retirement income later in life.
Schedule a complimentary, no obligation phone consultation below to see how you can lower your tax bill and save for the future!
This is meant for educational purposes only. It should not be considered investment advice, nor does it constitute a recommendation to take a particular course of action. Please consult with a financial professional regarding your personal situation prior to making any financial related decisions. 01/20