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New Member
posted Feb 22, 2023 2:47:16 PM

Should I use tradtional IRA or Roth IRA to get tax deduction?

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1 Replies
Level 15
Feb 22, 2023 2:50:36 PM

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 it.

 

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.