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10 IRA mistakes to avoid


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  The only option open to taxpayers at all income levels is a traditional nondeductible IRA, but this subjects investors to two big drawbacks: required minimum distributions (RMDs) and ordinary income tax on withdrawals. Assuming a backdoor Roth IRA will be tax-free

The article from News4Jax outlines ten common mistakes to avoid when managing an Individual Retirement Account (IRA). These include not contributing enough to maximize tax benefits, missing the annual contribution deadline, withdrawing funds prematurely which incurs penalties, not understanding the rules for Required Minimum Distributions (RMDs) leading to tax penalties, over-contributing beyond the IRS limits, neglecting to name or update beneficiaries, investing too conservatively or too aggressively, not consolidating old 401(k)s into an IRA, failing to consider Roth IRA conversions for tax advantages, and not seeking professional financial advice. Each mistake can significantly impact one's retirement savings and financial planning, emphasizing the importance of being well-informed about IRA regulations and strategies.

Read the Full News4JAX Article at:
[ https://www.news4jax.com/business/2025/03/25/10-ira-mistakes-to-avoid/ ]

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