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Does self employment tax (FICA) apply to the $5500 contributed towards IRA?

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davidan

Junior Member
What is the name of your state? FL

I am self employed, I wanted to know if I contribute $5500 to a traditional IRA, does any tax (like FICA) get attached to the $5500? or will it be fully free of taxes?

Is there anything else besides an IRA which I can use to lower this year's taxes?
 


davidan

Junior Member
I just found out about 401K which has higher limits. Just have to see I am able to use it since I am self employed.
 

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