Telemus Blog

Here's When the IRS Can Take Your IRA Tax Deduction Away

Written by The Motley Fool | Jan 28, 2020 2:42:52 PM

 

The IRS follows the tax laws that the federal government enacts, and taxpayers whose income levels rise above certain limits have to deal with the denial of up-front tax breaks for their retirement savings.

The biggest reason people contribute to IRAs is to get a tax deduction on their contributions.