In this one-minute moment, Dr. Friday explains how taxpayers can still maximize their IRA contributions for 2024, covering traditional and Roth IRA options and the impact of employer plans.

Transcript:

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

One of the few things we can do still right now for the year of 2024 is possibly maximizing our IRAs. Now keep in mind, this would be most likely a traditional IRA from the tax standpoint because a Roth does not reduce your taxes. But it also matters on if you have an employer program. how much money you’ve made, if your wife works or doesn’t work, all of that comes into place. So not everybody can contribute to an IRA or contribute to a Roth IRA. There are backdoor Roth IRAs. There are backdoor IRAs. You need to talk to a financial planner before you make those decisions. If you want to help with taxes, 615-367-0819.

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.