Why do i not qualify for IRA deductions if i contribute to a Roth?

rmartin5160 · ‎June 4, 2019

MaryK1 · ‎June 4, 2019

Tax deductions are only available for traditional IRAs, never a ROTH IRA.

ROTH IRAs are different than a traditional IRA (which is deductible). With a ROTH IRA, you are not taxed on the money (the amount or the interest) when you take it out after you retire so you do NOT pay the tax on the money later. With a traditional IRA, you get the tax break now but you have to pay the tax on the money later. (Pay now or pay later)

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

MaryK1 · ‎June 4, 2019

Tax deductions are only available for traditional IRAs, never a ROTH IRA.

ROTH IRAs are different than a traditional IRA (which is deductible). With a ROTH IRA, you are not taxed on the money (the amount or the interest) when you take it out after you retire so you do NOT pay the tax on the money later. With a traditional IRA, you get the tax break now but you have to pay the tax on the money later. (Pay now or pay later)

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Why do i not qualify for IRA deductions if i contribute to a Roth?