Self-Directed ROTH IRA

[Valeric24]

I am retired and collecting Social Security. My wife is still working and under 65. Can we set up and contribute to Self-Directed ROTH IRA's? If so, are any of the contributions deductible? Even if we can't deduct any of the contributions, are we allowed to make them?

[VolvoGirl]

ROTH IRA contributions are never deductible.  

Only Traditional IRA accounts are tax Deductible.  Then you pay ordinary tax when you take it out and don't get any capital gains lower tax on the growth.

A ROTH IRA is not deductible now but then you don't pay tax on it when you take it out.  And a ROTH grows tax free.

[VolvoGirl]

Oh read all about IRA contributions.   IRS Pub 590-A IRA Contributions

https://www.irs.gov/pub/irs-pdf/p590a.pdf

[Valeric24]

I realized after hitting send that the question wasn't worded well. I was more concerned with whether or not I could start a new ROTH since I'm over 65 and collecting Social Security. I thought that might preclude me from investing in a future tax free account