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fb454

11/24/20 8:34 PM

#47456 RE: armstjo1 #47440

You are not correct regarding a Roth account. It`s funded with post tax money. Check with your accountant. I did a while ago.
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Kyle279

11/24/20 9:20 PM

#47473 RE: armstjo1 #47440

Not correct. You’ll eventually pay tax on withdrawals from a regular IRA account. However ... With a Roth you WILL NOT pay tax on the withdrawals. It’s because it was funded with post tax contributions. Your earnings inside a Roth will be tax free. NOT deferred.

I’m a CPA.
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MrTraderJoe

11/24/20 10:08 PM

#47491 RE: armstjo1 #47440

With a traditional IRA you get taxed when you withdraw. With a Roth IRA there is no tax when you withdraw. You could grow your account from a few thousand dollars to millions and pay no tax.