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Retirement tax questions
The difference between a Roth IRA and a normal IRA is when you pay the taxes on the money. With a traditional IRA the taxes are deferred until you are retired and presumably have a lower income and tax rate. With a Roth, you pay the taxes up front. So that explains the high increase in your tax liability. There are many other convoluted rules for all of these accounts and when they are taxed or not.
May 17, 2021
3:09 PM