Understanding Non-Deductible IRAs and Their Distinctions from Roth or Traditional IRAs
Is it logical to finance an individual retirement account (IRA) when it doesn’t offer a tax deduction? Many individuals who aren’t eligible to fully finance a deductible IRA or Roth IRA miss out on this straightforward opportunity to set aside additional retirement funds that can mature without tax implications. Unlike a 401(k) or similar salary reduction plan, you can contribute to a non-deductible IRA until the tax filing deadline. Understanding Non-deductible IRAs During a tax …