John R. Bullis

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August 19, 2013
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John R. Bullis: Save taxes with a regular IRA

There are many ways to reduce your individual income taxes. However, sometimes the “plain vanilla” of a regular IRA contribution is just fine. The 2013 IRA contribution limit is $5,500. Plus, the “catch-up contribution” for those who will be 50 by Dec. 31 is an additional $1,000. If you are 70½ or older during all of 2013, you are not eligible to do a regular IRA contribution, but if you have “earned income” you might consider doing a ROTH IRA contribution. The deduction is claimed on the first page of form 1040. You do not need to “itemize deductions on …

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The Nevada Appeal Updated Aug 19, 2013 11:07PM Published Aug 19, 2013 11:07PM Copyright 2013 The Nevada Appeal. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.