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How to avoid individual retirement account deduction mistakes

December 19, 2022

As the year winds down, those looking to trim their tax bill may consider an individual retirement account contribution. Before transferring the funds, however, there are rules and limits investors need to know, financial professionals say.

“Anyone can contribute to a traditional IRA — you, me, Jeff Bezos,” said certified financial planner, professional Howard Pressman, partner at Egan, Berger & Weiner in Vienna, Virginia. 

However, the ability to write off IRA contributions depends on two factors: participation in workplace retirement plans and income.

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