Here's How You Can Still Shave Up to $15,300 Off Your 2022 Taxable Income

Here's How You Can Still Shave Up to $15,300 Off Your 2022 Taxable Income

You want a traditional IRA if your goal is to reduce your 2022 taxable income. If you want tax-free withdrawals in retirement, you might prefer a Roth IRA, though you'll have to pay taxes on these contributions now. If you made IRA contributions during 2022, you must make sure that your prior-year contribution doesn't push you over the limits noted above.