*The Commerce Journal>>>Personal Finance

Ira and exemptions on W4?

Hi everyone,

Someone told me today that if I opened up an IRA. That in my W-4 I could claim my IRA as another dependent, instead of just including myself I could also include it. How true is this?

One allowance on a W-4 is roughly equal to $3000 in income. So if you put $3000 in an IRA and can take the deduction, the extra allowance is about right.

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