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2. Retirees Often Overlook These 11 Tax Deductions - AOL

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   Senior citizens age 70.5 and over who own an IRA can take advantage of tax-free qualified charitable distributions. They can transfer up to $100,000 per year, counting toward the required minimum ...

3. Tax breaks after 50 you might not know about - AOL

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   Here are additional 2024 standard deductions for those over 65 showing the IRS’s tax inflation adjustments: Joint filers and surviving spouses can deduct an additional $1,550 per person over 65.

4. Forgot to Make a 2024 IRA Contribution? You Still Have Time.

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   The deadline for 2024 IRA contributions. The IRS lets you make 2024 IRA contributions until the tax deadline -- April 15, 2025. This is the deadline even if you request an extension to file your ...

5. Retirees 65 and Older Eligible for Extra Standard Deduction ...

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   The standard deduction reduces a taxpayer’s taxable income, ensuring that only households with income above certain thresholds will owe income tax. The standard deduction amounts for 2023 are ...

6. The Best Tax Deductions and Tax Breaks for 2024-2025 - AOL

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   16. IRA Contributions or 401(k) Contributions. Although IRS rules don’t allow deductions for Roth IRA contributions, you might be able to claim the amount that you put in a traditional IRA or ...

7. Open an IRA before the tax deadline to save on taxes - AOL

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   It’s not too late to get a tax deduction for your IRA contributions. ... For 2024, the contribution limit increases to $7,000, or $8,000 for those over age 50. ... Comparing tax savings ...

8. I just turned 73 so I need to start taking distributions from ...

   www.aol.com/finance/just-turned-73-start-taking...

   The SECURE Act 2.0 Act excise tax rate is a hefty 25%; possibly 10% if you correct the issue within two years. For example, let’s say your RMD should be $20,000 and you withdraw only $10,000 ...

9. IRA taxes: Key rules to know and how much you can ... - AOL

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   March 25, 2024 at 1:02 PM. ... The short story: A traditional IRA gets you a tax break today, but you pay taxes when you withdraw any money. ... or non-deductible, contribution to a traditional ...