You’ve completed your 2018 tax return, and you don’t like the results. How did you end up owing so much money? There’s nothing you can do about it now … or is there?
While the 2017 Tax Cuts and Jobs Act (TCJA) made sweeping changes to the tax laws, it didn’t offer any retroactive means of affecting your taxes – but the TCJA did leave a tax adjustment method related to retirement accounts untouched.
If you have an IRA, you may be able to make a contribution to that IRA and still count that contribution against your 2018 taxes. You have until the tax-filing deadline (April 15, 2019) to make any remaining contributions up to the 2018 annual limit of $5,500 ($6,500 if you are age fifty or above).
Don’t feel bad if you didn’t understand the IRA rules. According to a recent <a href="https://www.cnbc.com/2019/03/05/you-can-contribute-to-an-ira-to-reduce-your-taxable-income.html" r…