Quote:
Originally posted by thetalady
True, not everyone can do a traditional IRA. Depends on your age, income and whether you have an employer funded retirement, I believe. That's why I said that the info assumed that you have/qualify for the traditional IRA.
Doing this with a Roth doesn't really have the same impact. The Roth is not tax deductible.
The neat part about doing it with the traditional IRA is that the deduction actually pays for the contribution to the traditional IRA. Make sense?
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Depending on how much you put into the IRA right? I did not save 3K by maxing an IRA.
Actually if your income is low enough, there is a way to get the government to match your contribution but it's tricky
-Rudey