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Do Tax Law Changes Affect IRA Deductibility?

Workers have until the last day of the tax-filing season to make 2018 contributions to their traditional IRAs. Although more taxpayers are expected to opt for the standard deduction, which increased under the new law, they can still claim the tax deduction for IRA contributions. That’s because the tax break for these contributions, including the funds socked away in health savings accounts are considered “above-the-line” deductions, meaning clients can claim the tax break regardless of whether they take the standard route of itemize their tax deductions on their returns. Read more at financial-planning.com.