| Deere6 - 1/9/2025 06:16
What you mean is that the taxes have already been paid, or are being deferred? Maybe I’m misunderstanding? I generally advise farmers to use traditional, not Roth for contributions, as there most certainly will be a time where the taxable-upon-withdrawl balances can be rolled into a Roth, creating a win-win for those with the foresight to have a plan and manage it properly. GT, surely you had a 401k from your days at the steel mill, sounds like a time for you to see your accountant for advice. As for the question to make a contribution this year, probably not, if you have not filled the lowest bracket with income, and also completely paid off any and all operating notes related to the previous year, or have inventory on hand to do so.
Edited by Boone & Crockett 1/9/2025 06:40
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IRA and taxes. Is it smart to fund it on a low tax or loss year?
