June 24, 2019
If you want to limit your tax liability right now, investing money in a traditional IRA might be a smart move for you. There are, however, contribution phaseout limits based on your income that can limit how much you can contribute.
Each year, the Internal Revenue Service (IRS) uses inflation to decide if they should increase contribution limits for retirement accounts. The traditional IRA contribution limit for 2019 is $6,000. The age 50 “catch up” limit is fixed by law at $1,000 for every year.
Traditional IRA contributions are tax-deductible on both state and federal tax returns for the year you make the contribution. Withdrawals in retirement are taxed at ordinary income tax rates.
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