Post by @lizbettalksmoney

How does taxes work when investing in *Traditional* (401k or IRA)? That’s covered here! ❗️To clarify, in this specific scenario (single filer), you would not qualify for the IRA tax break because of your income. It would have to be under $81k (after 401k contributions). Between $81k-$91k you’d get a partial deduction. You’re better off putting all $12k in your 401k, or having a Roth IRA instead of traditional IRA. 😉 The Roth video is filmed, just need to edit and I’ll post so you can compare them. ✨ ⚠️I am NOT a Financial Advisor. This is for educational purposes only, and most importantly, not everyone’s tax situation is the same so this math is VERY simplified. Keep that in mind 🙃 #latinainfinance #investingforbegginers #investing101 #generationalwealth #familyfinances