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Question
If I open a IRA and put the max amount is the money I put in the IRA tax deductible. Meaning is the money now not included in my total tax owed for the year.
AI accountant’s answer:
Great question! Yes. Your IRA contribution is an “adjustment” on your taxes, meaning it reduces your taxable income dollar-for-dollar.
In other words, if you had gross income of $60,000 for the year and you contribute $6,000 to your IRA, only $54,000 of your income would be taxable.
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Answer
Great question! Yes. Your IRA contribution is an “adjustment” on your taxes, meaning it reduces your taxable income dollar-for-dollar.
In other words, if you had gross income of $60,000 for the year and you contribute $6,000 to your IRA, only $54,000 of your income would be taxable.
No answer given yet!
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