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Other financial discussions
Still not too clear Sir. I assumed you said that IRA contribution which is pre-tax is the deductible and Roth is not. But why would someone want to put his non-deductible (after-tax) to his IRA to be constrained by RMD later instead of just putting into a stock investment account without being constrained by RMD?
I have 457 Deferred Comp which is for government employees and I believed is also considered IRA. You said IRA contributions are not reported on your W-2. But in my W2, my 457 contribution is shown in Line 12b with a "G" abbreviation. Again it is a personal account but it is also set up by my employer but manage by a Financial Company like VOYA. But you said it is not. I am getting more confused.
May 3, 2021
2:24 PM