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Started By
Message
What can you tell me about Roth IRA
Posted on 9/21/17 at 3:56 pm
Posted on 9/21/17 at 3:56 pm
Thinking about getting one
14
Posted on 9/21/17 at 3:57 pm to GermantownTiger
Isn't there a board for these painfully boring financial topics?
Posted on 9/21/17 at 3:57 pm to GermantownTiger
They are a good tax advantage savings vehicle.
Highly recommend 10/10
Highly recommend 10/10
This post was edited on 9/21/17 at 3:57 pm
Posted on 9/21/17 at 3:57 pm to GermantownTiger
Post this on the money board for much better answers
Posted on 9/21/17 at 3:57 pm to GermantownTiger
Money board will take a few days to answer, but it is your best bet.
Posted on 9/21/17 at 3:57 pm to GermantownTiger
quote:
What can you tell me about Roth IRA
That you shouldn't be soliciting advice from the OT about it.
Posted on 9/21/17 at 3:57 pm to GermantownTiger
I got 7 when they were on sale last year. Glad I did but really not sure how they work.
Posted on 9/21/17 at 3:57 pm to slackster
or he could just use Google
Posted on 9/21/17 at 3:58 pm to GermantownTiger
quote:
Thinking about getting one
Get you one and get the frick outta here? You couldn't search "Roth IRA Tigerdroppings"?
God Damn.
Posted on 9/21/17 at 3:59 pm to tgrbaitn08
quote:
or he could just use Google
That applies to probably 50+% of the threads started on the OT though.
Posted on 9/21/17 at 4:00 pm to GermantownTiger
quote:
Thinking about getting one
You pay taxes on what you invest. Then supposedly you don't have to pay taxes on what your investments earns. At least that's the way my guy explain it to me years ago.
Posted on 9/21/17 at 4:00 pm to GermantownTiger
Basically you either pay your taxes now (Roth) or pay your taxes later (Regular). Obviously it's more complicated than that, but if you think you will be making more in the future you should probably be using a Roth.
Posted on 9/21/17 at 4:01 pm to slackster
Ok then what about: he could just go frick himself and then use Google, if he's not too exhausted from fricking himself.
Posted on 9/21/17 at 4:03 pm to GermantownTiger
It is good if you make less that 100k. I dont think you can have one if you make more than 125K
Posted on 9/21/17 at 4:04 pm to LucasP
Start one immediately and max it out every year. Once you earn over $118,000 you can't invest in it anymore.
You're welcome.
/thread
You're welcome.
/thread
Posted on 9/21/17 at 4:04 pm to GermantownTiger
quote:I wish they were around when I was in my 20's.
What can you tell me about Roth IRA
Save after tax dollars (up to $5,500/year depending on your income if you're under 50 years old) and the earnings on the deposits to a Roth IRA will be income tax free in 40-something years when you retire. Imagine not having to pay income tax on several hundred thousand dollars in earnings/gains!
At least that's the way it is now until congress changes the current tax law.
Posted on 9/21/17 at 4:06 pm to GermantownTiger
You contribute on an after-tax basis and then you can distribute tax free when you decide to cash in.
There is a limit on how much you make in order to contribute.
You also can have both a Roth and a traditional IRA.
$5500.00 is the max you can contribute each year.
There is a limit on how much you make in order to contribute.
You also can have both a Roth and a traditional IRA.
$5500.00 is the max you can contribute each year.
Posted on 9/21/17 at 4:14 pm to GermantownTiger
quote:
What can you tell me about Roth IRA
I honestly don't know much about the Irish Republican Army or this Roth character but I'm sure if you Google it you'll find the answers that you seek......
Posted on 9/21/17 at 4:23 pm to GermantownTiger
Contributions to a Roth IRA are after tax, meaning you can't deducted then on your tax returns. However, when you do get to retirement age and start to withdraw, you don't have to pay taxes on anything withdraw.
If you are just taking a standard deduction on your tax returns, then a Roth IRA might benefit you. If you take itemized deductions, then a traditional IRA might be better.
If you are just taking a standard deduction on your tax returns, then a Roth IRA might benefit you. If you take itemized deductions, then a traditional IRA might be better.
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