A traditional individual retirement account (IRA) to which an individual may make tax-deductible contributions. This approach provides an immediate benefit in reducing the tax burden for a given year by allowing investment of pre-tax dollars. However, the withdrawals are treated as taxable income and distribution is forced at the IRS' predefined retirement age.
Related information about deductible IRA:
- Traditional IRA Tax Deduction - Individual Retirement Account ...
Where to Claim the Tax Deduction. Report your tax deductible IRA contribution directly on Form 1040 or Form 1040A. You don't need to itemize to report this ...
- What is a traditional IRA? - CNN Money
A deductible IRA can lower your tax bill by allowing you to deduct your contributions on your tax return - you essentially get a refund on the taxes you paid earlier ...
- Non-deductible Traditional IRA - Bogleheads
Nov 15, 2012 ... If you contribute to a non-deductible IRA you are required to file and retain a copy of IRS Form 8606. In addition to satisfying the IRS, it is ...
- How To Convert A Non-Deductible IRA Into A Roth IRA
Oct 9, 2012 ... Here's a step-by-step guide for transferring one retirement plan into another.
- Roth IRA vs Deductible IRA: New Contributions
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- The Forgotten Deductible IRA
Nov 22, 2010 ... This article is inspired by a post made by Kevin M on the Bogleheads forum. You may have heard of this rule of thumb about retirement savings.
- Deductible Versus Nondeductible IRA Contributions
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- An IRA Primer - SmartMoney.com
Feb 13, 2012 ... Tax-Deductible IRA. 1. A single person who has not actively participated in or qualified for an employer-sponsored retirement plan at any time ...