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I contributed some money to a Roth IRA this year. Why does it increase the amount I owe? Didn't I already pay taxes on that money when I first earned it?
I paid taxes on my income last year. I then decided to put some money into a roth IRA- I know this isn't deductible. However, now I owe even more on my taxes than if I hadn't contributed any money! Aren't I now being taxed twice- first when I made the money, and now when I'm contributing it?
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‎January 27, 2021
2:26 PM