To save more for retirement, you can make a deductible traditional IRA contribution for the 2018 tax year between now and the tax filing deadline. This will allow you to claim the write-off on your 2018 return. You can also contribute to a Roth IRA and avoid paying taxes on future withdrawals.
In order to qualify, you must have a 2018 earned income from jobs, self-employment or alimony to equal or exceed your IRA contributions for the tax year. If you were 70½ or older as of December 31, 2018, you can’t make a deductible contribution to a traditional IRA. However, you can make one to a Roth IRA after that age. If you’re married, either spouse can provide the necessary earned income.
You can make a contribution of Read More