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2019 tax strategies – IRA Planning

Have you maxed out your IRA retirement contributions for 2019 yet...?

Contributions to Traditional IRAs are deductible, but subject to IRS income limitations. You do have until you file your tax return, or Apr 15th (whichever is earlier) to make an IRA contribution.

If you are covered by a retirement plan at work, limit is $74K-Single, or $123K-Married.

If you're not covered by a retirement plan at work:

Single = No limit
Married-Both Spouse not covered = No limit
Married with one Spouse covered = $193K income limit

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