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re: I just opened my Vanguard Roth IRA account
Posted on 8/23/17 at 2:02 pm to DirtyMikeandtheBoys
Posted on 8/23/17 at 2:02 pm to DirtyMikeandtheBoys
quote:
I can deposit $5,500/year into my IRA account and do what with it? That $5,500 is tax deductible correct?
Negative. All of that money is post tax. You will recieve no tax deduction for it.
However, when you take it out, you will pay no tax for the gains and contribution between now and whenever you take it out in retirement. Youve essentially pre paid for tax at that point.
Also, be careful about contributing to it if you have an employer based retirement plan. There are contribution limits based on your income.
This post was edited on 8/23/17 at 2:03 pm
1
Posted on 8/23/17 at 2:45 pm to NYNolaguy1
quote:
Also, be careful about contributing to it if you have an employer based retirement plan.
This is incorrect. Only limit is based on income, employer plans are unrelated to a personal Roth IRA.
Roth 401k from an employer isn't related to a Roth IRA.
This post was edited on 8/23/17 at 2:48 pm
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