When it comes to the tax year rolling over to the new year, most taxpayers will ask me if there are any deductions that can still take once the tax year rolls past December 31st.
While the answer is normally no, taxpayers can still contribute to a traditional IRA contributing up to $5,500 for both themselves and their spouse (if married). If the taxpayer(s) is or are over the age 50, the taxpayers can contribute up to $6,500 to a traditional IRA.
In order to qualify for a prior year tax deduction, the traditional IRA contribution must be made before April 15th.
Taxpayers who contribute to a traditional IRA before April 15th has the choice of taking the deduction for the IRA in the current year or the previous year.
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