are roth ira tax deductable?

Answer 1

Nope. That's why any withdrawals you make after age 59 1/2 are tax free! You can hold onto the account for life and if you die during the retirement years and have money left over in the IRA, you can give it to your spouse or kids.

Answer 2

No, you can not deduct any money put into a Roth IRA. If you are looking for a tax deduction go for a traditional IRA.
If you can live without the tax deduction, I would go for the ROTH only because, when you retire and begin to take the money, it will be tax free because you have already paid taxes on it. The advantages of doing this is you may be able to pay the taxes on it now, where when you retire, you may have a limited income. Besides that, you don't know what the tax rate may be in 20-30 years, it could be higher and you would have to pay more than what you would pay now.

Answer 3

NO! The tax advantage of a ROTH IRA is that the interest is tax free and you don't have a required distribution at age 70.5 A Traditional IRA contribution may be deductible depending on your income level and other factors.

Answer 4

To the best of my knowledge, no.

However, the traditional IRA is -- with certain income constraints. Which IRA type to choose is dependent heavily on personal circumstance. There are pros and cons of each which you will find tip you one way or the other, depending on what your current and projected income is, your age, other highly individual factors.

Answer 5

NO only a traditional IRA. However, based on current law, there are tax benefits when you withdraw the money since it is "after-tax money."

Answer 6

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