Small business,such as local business,personal finance,credit and real estate.
Anyone know about a "Roth IRA"?
20Mar2008 Filed under: Advertising & MarketingQuestion:
My mom wants to know if when you take the money from the account, do you have to pay taxes on the intrest earned? All answers appreciated.
Answer:
The money you put into the account has already been taxed as regular income, so when you take the money out you are not taxed again. Traditional IRAs put money into the IRA account as pre-tax dollars, so you save now but you are charged taxes later when you do take money out. The tax-free advantages of the Roth-IRA, however, only apply if you take the money out after you turn 59 1/2 years old. Otherwise, if you take the money out early, there will be a penalty including tax consequences (this is true for both the Roth and the Traditional IRA).
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Question:Can anyone give me some good advice? I'm single, 25 and live in Oregon. I have worked for a real estate ... Anyone know about a "Roth IRA" ...ira help
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