Hi FIRE community. I have a tax question. I got the estimation that I need to pay quite a bit in taxes. I learned that I can do IRA contribution for the previous year before I finish my taxes. How can I reduce my tax liability by putting money in my IRA?

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That would only work for traditional IRA contributions and chances are your income may be too high to qualify. Look into that first

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You can contribute to a 401k and ira. Separate limits for each. But I’d guess you make too much to reduce your income with it.

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