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re: Someone Tell Me About Roth IRAs (New ? on Pg 3)
Posted on 8/31/12 at 10:27 am to TheHiddenFlask
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?
2
Posted on 8/31/12 at 10:45 am to CQQ
quote:I believe this is correct. One of the reason's Roth's are pumped up is the assumptions tax rates will increase overtime, meaning paying tax today is better than paying tax later when withdrawing.
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?
Posted on 8/31/12 at 11:38 am to CQQ
I believe 5,000 is the most you can put in a Roth per year.
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