Sep 11

Question by B. Cummings: Does how much you contribute into a roth IRA, take that much away from your taxible income?
For example if I contribute $ 2000 into a roth IRA, and had a taxable income of $ 35,000 would it now be $ 33,000 of taxible income?

Best answer:

Answer by engineer50
No. Roth contributions are made with after-tax dollars. There is no deduction from income.

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Mar 29

¬†We are a couple.We both have roth IRAs and are planning to retire 30 years from now.Anybody know about some good “American funds” that we can invest into our Roth IRAs?Thanks


Feb 27

I know that starting next yr, it will be possible to roll those 401K accounts eligible for rollover into an IRA to be rolled directly into a Roth IRA. If 100K is rolled over from a 401K to a ROTH IRA in 2008, will all 100K be taxed in 2008.


Feb 25

Does this even matter? All the money was hard earned, would they think nothing of it as I could have gotten it from my parents/they did it for me?


Jan 31

I’m 27, husband is 34. We’re both going to start IRAs. I don’t know if it’s better to save more now and put less into IRAS. We are halfway to reaching the goal amount for our emergency savings. We intend on going to grad school also. But, we are behind with retirement, so I wasn’t sure if I should beef that up now and be okay with saving less each month.


Jan 6

As I understand it, if I convert the rollover into a Roth, I will then have to report the entire amount on my taxes as income the year I do the conversion. So after “x” number of years when I’m ready to start taking money out of my Roth, won’t I get taxed again? Am I setting myself up to let the IRS tax me twice on some of the same money?


Dec 18

I have a 401k with my job and a Roth IRA. I’m planning to leave my job soon (for school) so can I rollover my 401 into the current Roth IRA since it would be less than the annual contribution limit (about $2500). Or do I have to open a “Rollover IRA” and then maintain two separate IRA accounts?


Dec 10

Let’s say for 2008, I would like to contribue the $5k (max amount) to my traditional IRA and another $5k to a Roth IRA. At the same time, I’m an active participant to an employer sponsored 401k plan. I will be filing on single status. Can I do this?


Dec 1

I have an existing traditional IRA and two 401k’s from previous companies. I’d like to consolidate accounts.

Is there reason I should roll the 401k’s into a rollover IRA instead of directly into my existing traditional IRA?

Are there any consequences regarding maybe later converting the IRAs to Roth IRAs later?


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