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re: Someone Tell Me About Roth IRAs (New ? on Pg 3)
Posted on 8/31/12 at 10:13 am to CQQ
Posted on 8/31/12 at 10:13 am to CQQ
quote:
In both you are contributing money from your bank, which is from your paycheck, which has been taxed. I know I'm obviously missing something.
You can deduct traditional IRA contributions from your income (effectively pre tax).
1
Posted on 8/31/12 at 10:27 am to TheHiddenFlask
quote:
You can deduct traditional IRA contributions from your income (effectively pre tax).
I think I got you. So say you make $100,000 and put $10,000 towards a traditional, you would essentially pay taxes that year on $90,000. If you make $100,000 and put $10,000 in a roth, you still pay taxes on $100,000 worth of income for that year. Right?
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