http://www.mint.com/blog/finance-core/7-tips-to-maximizing-the-tax-benefits-of-your-401ks-and-iras/ The blog of the free, simple personal finance solution. Track all your spending automatically, find the best deals, save more money. And save the world. Fri, 12 Mar 2010 00:40:13 -0800 http://wordpress.org/?v=2.8.6 hourly 1 http://www.mint.com/blog/finance-core/7-tips-to-maximizing-the-tax-benefits-of-your-401ks-and-iras/comment-page-1/#comment-30118 DNA Tue, 07 Apr 2009 21:20:09 +0000 http://www.mint.com/blog/?p=1361#comment-30118 You say, "Every dollar you contribute to a traditional 401K or IRA is a dollar taken off the top of your taxable income for the present year." But that is not entirely true. IRA deductions can only be made if your income is under a certain amount, I believe about $80,000/year. You say, “Every dollar you contribute to a traditional 401K or IRA is a dollar taken off the top of your taxable income for the present year.” But that is not entirely true. IRA deductions can only be made if your income is under a certain amount, I believe about $80,000/year.

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]]> http://www.mint.com/blog/finance-core/7-tips-to-maximizing-the-tax-benefits-of-your-401ks-and-iras/comment-page-1/#comment-30101 ObliviousInvestor Mon, 06 Apr 2009 23:41:37 +0000 http://www.mint.com/blog/?p=1361#comment-30101 Also, depending upon your income level, you may qualify for the Retirement Savings Contribution Credit. That's (at least) an instant 10% return on your money--whether contributing to an IRA or 401k. Also, depending upon your income level, you may qualify for the Retirement Savings Contribution Credit. That’s (at least) an instant 10% return on your money–whether contributing to an IRA or 401k.

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