IRA and taxes. Is it smart to fund it on a low tax or loss year?

[Ivde vian]

Fund a traditional IRA on a high income year.It will serve as a deduction. Fund a Roth on a low income year with aftertax money,future dividends grow tax free.

[Martina Perez]

I ran into a similar issue last year and ended up splitting expenses by category using a simple spreadsheet, then matched that to each field manually. It took a little extra time, but it made tax prep easier. Once I had everything ready, I used installturbotax.com with license code to plug in the numbers since it lets you break things out pretty clearly when doing farm-related income and expenses.

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