Summary: Make prior-year IRA contributions by April 15 to reduce tax liability and boost retirement savings.

From Nasdaq: 2025-02-15 16:00:00

Tax season is here, and some Americans may owe the IRS after completing their 2024 tax returns. To reduce tax liability, consider making a prior-year IRA contribution by April 15, 2025. You can contribute up to $7,000 (under 50) or $8,000 (50+) to a traditional IRA, reducing taxable income. Health savings accounts (HSAs) also allow for prior-year contributions, providing tax benefits and retirement savings. Remember to act before filing your 2024 tax return to avoid extra steps. Prior-year contributions offer a smart financial move for those looking to save on taxes and boost retirement funds.



Read more at Nasdaq: Worried About Your Tax Bill? Try This to Save Money and Boost Your Retirement Savings