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Money and Finances
Reply to "quick (hopefully) tax question"
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[quote=Anonymous][quote=Anonymous]If you are eligible, I would do this. Why give the government $300 if you can keep it? Your friend sounds smart. It's no big deal to have multiple IRAs. Just be sure you are actually eligible, as pp says.[/quote] Yes, it is. You probably won't get a very good rate of return on such a small account. You will eventually have to pay tax on this silly thousand dollars or so, and you might be in a higher tax bracket at the time. Unless you plan on loading that IRA until there's enough money in it to do some decent investing, just pay the $300 and call it a day. Then adjust your withholding for next year. It's only $300.[/quote]
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