{"id":2603,"date":"2022-02-28T16:18:50","date_gmt":"2022-02-28T21:18:50","guid":{"rendered":"https:\/\/www.thewealthguardians.com\/staging\/3023\/?p=2603"},"modified":"2022-02-28T16:18:50","modified_gmt":"2022-02-28T21:18:50","slug":"tax-tips-for-nurses-and-other-medical-professionals-with-iras","status":"publish","type":"post","link":"https:\/\/www.thewealthguardians.com\/staging\/3023\/tax-tips-for-nurses-and-other-medical-professionals-with-iras\/","title":{"rendered":"Tax Tips for Nurses and Other Medical Professionals with IRAs"},"content":{"rendered":"

<\/p>\"\"Nurses spend their entire working careers caring for the needs of others and tend to neglect important planning \u00a0for themselves.\u00a0 According to a Fidelity Investments\u00ae Money FIT Nurses Study, more than half of nurses surveyed (56%) say they lack confidence in making financial decisions. The more educated you are about financial planning and investing, the more empowered you will be to control your financial future.\n

When setting up long-term financial goals, consider including other sources of income that may be available to you, such as Social Security benefits, trusts, or other savings accounts. An IRA is a great place to start saving for the long-haul.<\/p>\n

There are both opportunities and pitfalls for IRA owners. \u00a0IRAs come in two varieties: the traditional and the Roth. The traditional generally provides a tax deduction for a contribution and tax-deferred accumulation, with distributions being taxable. On the other hand, there is no tax deduction for making a Roth contribution, but the distributions are tax-free.<\/p>\n

So, it leaves you with a significant decision. If you can afford to make the contributions without a tax deduction, then the Roth IRA is probably the better choice in most circumstances. However, some high-income restrictions limit the deductibility of a traditional IRA and the ability to contribute to a Roth IRA.<\/p>\n

Pitfalls<\/strong> \u2013 Here are some of the pitfalls that can be encountered with IRAs:<\/p>\n