Fast Answers: Taxes

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Answer: Taxes, Deductions, Retirement Plans

Am I allowed to mix deductible and nondeductible contributions in the same IRA?

You can mix deductible and nondeductible contributions in one Individual Retirement Arrangement, but you may regret it. When you start to make withdrawals, you’ll have to calculate how much is taxable and nontaxable. That could become a nightmare.

Avoid the problem entirely by opening separate IRAs for your deductible and nondeductible contributions.

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