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IRA Tax Deductions: A Primer

If you contribute to a retirement account, you may qualify for extra tax deductions. A tax-deferred retirement account grows money without creating annual tax bills for interest or capital gains. Combined with your homeowner tax deductions, these can reduce your tax liability and help you save for retirement faster. But not every tax-deferred account gets you a tax deduction in the year you make the contribution. There are three main types of tax-deferred retirement accounts: employer-sponsored plans like a 401(k), traditional IRAs, and Roth IRAs.

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