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Retirement tax questions
Roth IRAs are not tax deductible. They never have been. However, the money in a Roth IRA grows tax free and if you wait until you're age 59 1/2 all distributions from a Roth are tax free. So, no tax benefit now. Huge tax benefit after age 59 1/2. A Traditional IRA or 401(k) is the opposite. You get a tax deduction now. The funds grow tax deferred. But when you take distributions, they are 100% taxable.
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‎April 10, 2024
7:20 PM