I already have an established Roth IRA retirement savings account. Can I still get a tax credit by contributing to it? Or does it have to be a new account?
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Contributions to a Roth IRA account are not tax deductible. They are made with after-tax dollars.
On the other hand, qualified distributions from a Roth IRA are tax-free.
Contributions to a Roth IRA account are not tax deductible. They are made with after-tax dollars.
On the other hand, qualified distributions from a Roth IRA are tax-free.
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