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IRS Discusses IRAs in Newest "Tax Time Guide"

IRS Discusses IRAs in Newest "Tax Time Guide"

The newest IRS guide, "Still Time to Contribute to an IRA for 2014," briefly covers some differences between traditional and Roth IRAs, including how much taxpayers may contribute to their respective IRA in 2014, whether those contributions are deductible, how workplace retirements interact with a traditional IRA, and taxpayers’ eligibility for saver’s credits based on income levels.

The following are highlights from the article:

  • Taxpayers who are 70 ½ or older at the end of 2014 cannot add money to a traditional IRA.
  • Traditional IRA deductions are claimed on Line 32 of Form 1040 and Line 17 of Form 1040A.
  • April 15, 2015 is the last date that money added to a traditional or Roth IRA will count toward tax year 2014.

To read the article in its entirety, follow this link.

Source: Internal Revenue Service

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