" How Much & When To Contribute For TY2014 IRA Deduction ? "

For TY 2014 California Taxpayer Can Contribute to IRA up to April 15, 2015.  The Contribution Limits are Listed below:
1. Eligible Taxpayer can Contribute Up yo $5500 to IRA
2. For Taxpayers who are at least 50 Years, Contribution Limit is $6500
For IRA Account Withdrawals before 59 1/2 Years, there is Federal Penalty (10%) and CA Penalty (2.5%).
3. In Addition, you will also pay Federal & State Tax on the Amount Withdrawn.
    Have Tax Plan for this to avoid April 15, Tax Shock.

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