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Whats the difference between IRA's?
20Mar2008 Filed under: Careers & EmploymentQuestion:
I understand there are Roth and deductable IRA's are there more?
Answer:
The two most common IRAs are the Roth and the Traditional. With traditional IRAs, you are able to deduct your contribution, subject to multiple requirements and limitations, in calculating adjusted gross income on your tax return. This differs from being able to deduct it as an itemized deduction in that you can deduct it regardless of being able to itemize and it is not subject to various itemized deduction phase-outs. Distributions for Traditional IRAs are generally fully taxable. With a Roth IRA, no deduction is generated for the contribution, but distributions from the IRA are tax-free. Both IRAs have provisions, and exceptions, for early withdrawal penalties.
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