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You made a $2,000 deductible contribution to your IRA, paid $3,000 in student loan interest and had $5,000 in HSA contributions. In this case, your AGI would be $60,000 less $10,000 ($2,000 ...
However, you can still make an after-tax, or non-deductible, contribution to a traditional IRA. In contrast, contributions to a Roth IRA account are made with after-tax income.
Unlike a traditional IRA or 401(k), the money you put into a Roth IRA does not give you a tax deduction. But instead, that money grows tax free and can provide you with tax-free income in retirement.
For example, if you can deduct $7,000 for the contributions you made to a traditional IRA and you fall in the 12% tax bracket, multiply $7,000 by 0.12 to find that the deduction saves you $840 on ...
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Aspect. Roth IRA Taxes. Traditional IRA Taxes. Contributions. Made with after-tax dollars, not tax-deductible. Made with pre-tax dollars, may be tax-deductible
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