- Contribute up to $6,00 ($7,000 if age 50+) to a Traditional IRA in 2020.
- Traditional IRA contributions are tax deductible at both the federal and state level.
- By lowering your adjusted gross income, other tax breaks may become available.
Compare the cost of interest from the loan you take out to the amount you save on taxes and your return on invest in your IRA to determine whether or not taking out a loan to make an early contribution makes sense. Click apply to fill out a short application and check your loan interest rate.