Commonly overlooked tax deductions

IRA deductions The maximum deduction per year for an Individual Retirement Account (IRA) is $5,000 for 2008. Individuals 50 and older can make an additional catch-up contribution of up to $1,000. And you can still reduce your 2008 taxes through an IRA contribution. Contributions made up to the return due date, without extensions, are treated as made on the last day of 2008. This deduction is available on both Form 1040 and 1040A .

IRA deductions

The maximum deduction per year for an Individual Retirement Account (IRA) is $5,000 for 2008. Individuals 50 and older can make an additional catch-up contribution of up to $1,000.

And you can still reduce your 2008 taxes through an IRA contribution. Contributions made up to the return due date, without extensions, are treated as made on the last day of 2008. This deduction is available on both Form 1040 and 1040A.

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