2023: Spousal IRA option reduces tax bill or boosts refund for married couples, particularly beneficial for single-income households.
Certified financial planner Judy Brown at SC&H Group highlights the "often overlooked" spousal IRA option, which allows married couples to reduce their 2023 tax bill or boost their refund. Traditional pretax spousal IRA contributions can provide a 2023 tax break depending on income and workplace retirement plan participation. This strategy can be beneficial for single-income households, as it has an exception for "earned income" requirements.
March 26, 2024
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