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How much do I need to put in my IRA this year to get the maximum tax benefit?
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The answer depends on a few factors, including your income level and whether you are eligible for any other retirement savings incentives. Generally speaking, if you earn less than $6,000 per year ($12,000 joint), you may qualify for a full deduction of up to $6,000 from your taxable income. If you earn more than that amount, you can still contribute up to the limit of your earned income (up to $19,500 for single filers and $25,000 for joint filers). You should consult with a financial advisor to determine the best strategy for maximizing your retirement savings.