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re: Emergency fund opinions
Posted on 2/12/13 at 11:06 am to Jwodie
Posted on 2/12/13 at 11:06 am to Jwodie
quote:
That cleared up a lot of confusion already - that being whether I was able to contribute pre-tax monies into a Roth account. If not, then that clearly would be an option for me in moving around liquid savings.
Roth IRA money is all post-tax contributions. That is why when you withdraw from a ROTH you don't get penalized because the money has already been taxed.
You do get taxed if you withdraw "earnings" from the ROTH. AKA the return on your investments is taxed if withdrawn because that is "new money"
This post was edited on 2/12/13 at 11:07 am
1
Posted on 2/12/13 at 11:08 am to Teddy Ruxpin
Makes sense.
And the max contribution to a Roth is $5,500 per year as of 2013? What are the tax benefits to having my money in a Roth account rather than a savings account?
And the max contribution to a Roth is $5,500 per year as of 2013? What are the tax benefits to having my money in a Roth account rather than a savings account?
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