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Health & Fitness

2013 Taxes – Still time to save!

Current discussions about reducing taxes generally relate to 2014 taxes. You can, however, still reduce your 2013 taxes. You can make a deductible IRA contribution for 2013 subject to some restrictions discussed below.

Taxpayers have until April 15th to make an IRA contribution and designate it as a 2013 contribution. April 15th is the absolute deadline – even if you are on extension. The contribution limit is $5,500 plus an additional $1,000 if you were age 50 or older in 2013. There are various limitations…

- The amount you can contribute to an IRA is the lesser of $5,500 ($6,500 if age 50 or above) and your compensation in 2013.

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- If you are a participant in your employer’s retirement plan, your deduction for an IRA contribution might be reduced or eliminated if your compensation exceeds certain limits.

- If your spouse is a participant in his or her employer’s retirement plan, your deduction can be reduced or eliminated based on the total compensation of you and your spouse even if you do not participate in an employer’s retirement plan.

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If you are a single taxpayer, you can reduce your taxable income by as much as $5,500 ($6,500 if over age 50). The maximum reduction is $11,000 ($13,000 if taxpayer and spouse are both over age 50) if you are married and filing jointly. You can take advantage of this opportunity even if you have filed your tax return for 2013. You would have to amend your return, which is not as complicated as it might sound.

The rules regarding IRA contributions and limitations are extensive. You should carefully review IRS Publication 590 before making a contribution. You do not want to make a contribution only to discover that it is not deductible or only partially deductible. (You should consider a Roth IRA if you are interested in making a nondeductible contribution in return for future tax benefits.)

Please visit my website for my contact information and additional articles and information on tax related issues.

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