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Don't let this window of opportunity close! From now until April 15th, you can still deposit into an IRA (Individual Retirement Account) for the 2025 tax year.
Keep in mind that the tax benefits of Traditional IRAs and Roth IRAs differ in several key ways.
Traditional IRAs – With a Traditional IRA, you may qualify for a tax-deductible contribution. The primary benefit of a tax-deductible contribution is that it lowers your overall tax bill for the year by decreasing the amount of your income that is currently subject to income taxation. Both the tax-deductible contributions and the earnings generally will be taxed to you as ordinary income when distributed.
Roth IRAs – With a Roth IRA, there is no up-front tax deduction for your contribution. Instead, Roth IRA contributions are made with after-tax dollars. At retirement, however, both your contributions and the accumulated earnings are generally tax-free.
Education IRAs - An Education IRA (Coverdell ESA) is designed to help you save for a child’s education. Funds can be used for qualified K–12 and college expenses, and earnings may be withdrawn tax-free when used for eligible education costs.
Interested in other ways Spectra can help you with financial planning? Set up a free consultation with Spectra Investment Services.
Make a brilliant move! Contribute to or open an account today!
1Consult a tax advisor.
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