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There is no Roth IRA tax deduction, but this does not mean that the Roth IRA does not have tax implications. More information can be found by asking an accountant.

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11y ago

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Do you get a deduction for Roth IRA contributions?

No, contributions to a Roth IRA are not tax-deductible.


Can you get a tax deduction for Roth IRA contributions?

No, you do not get a tax deduction for Roth IRA contributions. You pay regular income tax on the amount your contribute to your Roth IRA. The tax benefit is that any income you generate with the account (interest, dividends, etc.) is not taxed when you withdraw the money.


How does an after tax IRA reduce your tax bill?

An after-tax IRA (a Roth IRA) will not reduce your taxes in the current year. You will not get any kind of deduction on your current taxes for contributions to a Roth IRA. However, when you retire the distributions from the Roth IRA will be tax free. A Traditional IRA will give you a deduction on your current year taxes, but the distributions will be taxed as income when you retire.


I need more information or advice about IRA tax deductible.?

There is no deduction for a Roth IRA. The advantage is given when you take money out of he roth after retirement. No tax is paid on the interest earned on the roth IRA.


Roth IRA Calculator?

Roth IRA Calculator Creating a Roth IRA can make a big difference in your retirement savings. There is no tax deduction for contributions made to a Roth IRA, however all future earnings are sheltered from taxes. The Roth IRA provides truly tax-free growth.


Will loss of principal on Roth IRA investments be eligible as a tax deduction for 2008 tax year?

No.


What is the difference between a Roth IRA and a traditional IRA?

ROTH IRA and Traditional IRA may differ in many ways. Few examples of their differences are: Roth IRA has no tax break for contributions; tax free earnings and withdrawal in retirement. While the Traditional IRA has tax deduction during contribution year; an ordinary income tax owned on withdrawals.


What is the difference between a Roth Ira and just an IRA?

Roth IRAs are similar to regular IRAs except for the fact that they allow you to forgoe a tax deduction. In order to qualify for a Roth IRA you must have documented form of compensation.


Traditional IRA Calculator?

Traditional IRA Calculator Contributing to a traditional IRA can create a current tax deduction, plus it provides for tax-deferred growth. While long term savings in a Roth IRA may produce better after tax returns, a Traditional IRA may be an excellent alternative if you qualify for the tax deduction.


Do you get Roth IRA tax deductions?

Everything that is in a Roth IRA is non tax deductible. You can get a tax credit of 50% on the first $2000 that you contribute to the IRA if you meet qualifications. The qualifications a listed on this site: http://www.your-roth-ira.com/roth-IRA-tax-credit.html


Do you have to report Roth IRA contributions on your tax return?

No, you do not have to report Roth IRA contributions on your tax return.


Is there a tax credit available for contributions made to a Roth IRA?

No, there is no tax credit available for contributions made to a Roth IRA.