There's still time to reduce your 2022 tax bill or boost your refund, according to tax experts. Here's what to know before the filing deadline.
Tommy Lucas, a CFP and enrolled agent at Moisand Fitzgerald Tamayo in Orlando, Florida, saidYou can make pre-tax IRA deposits for 2022 through the federal tax filing deadline, which may offer a deduction to reduce your adjusted gross income.
"Typically, if you're in the 10% or 12% [tax] bracket, you're probably better putting money into the Roth IRA," he said. But if you expect higher earnings in retirement, you may skip the upfront deduction for tax-free withdrawals in the future.Married couples filing taxes jointly may also consider a lesser-known option before the tax-filing deadline:IRA contributions require "earned income," such as wages from a job or self-employment earnings.
These accounts offer three tax benefits: an upfront deduction for contributions, tax-free earnings and tax-free withdrawals for qualified medical expenses.
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