Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Traditional IRA and other Retirement Planning topics.
There is a certain list of criteria that will determine whether or not you can deduct your Traditional IRA contribution. These include:
· Your Tax Filing Status
· Your Modified Adjusted Gross Income
· Your Active Participant Status
By working with your accountant, Financial Planner, and your employer you will be able to determine how much of a tax deduction you qualify for.
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Heidi Splete |