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No, you can not deduct Roth IRA contributions. You pay regular income tax on the money you contribute to a Roth IRA. The tax advantage is that the taxes have already been paid with it is time to withdraw the money. Additionally, you pay no income tax on the increase in account value from interest, dividends, etc.
What else can I help you with?
Nondeductible contributions for a roth IRA?
What's your question? It looks like you already know you cannot deduct anything for contributions to a Roth IRA.
You maxed out your 401K in 2008 how much can you contribute to a roth IRA in 2008?
Roth IRA contributions are not affected by 401k contributions in any way. The max contribution for 2008 was $5000 ($6000 if age 50 or above). This is of course assuming you fall within income requirements for a Roth IRA.
How do I report Roth IRA contributions on my tax return?
you dont report it
When do you pay taxes on a Roth IRA?
You pay taxes on a Roth IRA when you contribute to the account, as these contributions are made with after-tax dollars. However, any earnings and qualified withdrawals from a Roth IRA are tax-free, provided you meet the requirements, such as being at least 59½ years old and having the account for at least five years. Thus, while contributions are taxed upfront, the growth and withdrawals can be tax-free.
What is the difference between an IRA and roth IRA?
Traditional IRA contributions are tax deductible on both state and federal tax returns for the year you make the contribution, while withdrawals in retirement are taxed at ordinary income tax rates. Roth IRAs provide no tax break for contributions, but earnings and withdrawals are generally tax-free.
Can I deduct Roth IRA contributions on my taxes?
No, you cannot deduct Roth IRA contributions on your taxes because they are made with after-tax money.
Can I deduct my Roth IRA contributions on my taxes?
No, you cannot deduct Roth IRA contributions on your taxes because they are made with after-tax money.
Can I deduct Roth IRA contributions on my tax return?
No, you cannot deduct Roth IRA contributions on your tax return because they are made with after-tax money.
Nondeductible contributions for a roth IRA?
What's your question? It looks like you already know you cannot deduct anything for contributions to a Roth IRA.
Can I write off Roth IRA contributions on my taxes?
No, you cannot deduct Roth IRA contributions on your taxes because they are made with after-tax money.
Can you write off Roth IRA contributions on your taxes?
No, you cannot deduct Roth IRA contributions on your taxes because they are made with after-tax money.
What are the Roth IRA guidelines?
The Roth IRA guidelines are guidelines that apply to a particular sort of IRA. For example, you cannot deduct contributions to a Roth IRA and you can make contributions after reaching the age of seventy and a half.
Do you get a deduction for Roth IRA contributions?
No, contributions to a Roth IRA are not tax-deductible.
When can you deduct IRA contributions on your taxes?
You can deduct IRA contributions on your taxes if you meet certain income requirements and if you contribute to a traditional IRA.
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.
Can I claim Roth IRA contributions on my taxes?
No, Roth IRA contributions are not tax-deductible, so you cannot claim them on your taxes.
Do you have to report Roth IRA contributions on your taxes?
No, you do not have to report Roth IRA contributions on your taxes because they are made with after-tax dollars.
