1. You have until April 17, 2018 to make a contribution for 2017 and possibly snag a tax deduction that can reduce your 2017 taxes.
2. You can contribute to an IRA even if you contribute to a retirement plan at work. However, you may not be able to deduct your contributions to a traditional IRA if you contribute to a plan at work and your income is high.
3. You and your non-working spouse can each contribute to your own IRAs as long as your combined contributions do not exceed the taxable compensation you report on your joint tax return.
See also: Individual Year-End Tax Planning Tips.
Davis & Hodgdon Associates CPAs has been assisting Vermont individuals and business owners with tax consulting and retirement planning for more than 25 years. Call our office in Williston 802.878.1963 or Rutland 802. 775-7132 to schedule a tax planning strategy session today.
Article published in March edition of Eye on Money magazine.
From left to right: John W. Davis, CPA, CVA, CFP®, CEPA, Mandy Bradley, CPA, M.S., Bret L. Hodgdon, CPA, CFP®, CFE, CGMA