In the US, if you make a lot, are covered by a work retirement account or you contribute to a Roth, you can’t deduct traditional ira contributions right?...
A traditional IRA is tax free going in, but taxed coming out. A Roth is the opposite and taxed going in, but tax free coming out.
Mathematically, they’re equivalent. The only reason to choose one over the other is your personal income tax rate. If you think you’ll pay a lower tax rate in retirement (because you won’t be making as much, and thus will be in a lower tax bracket), then you’d pick a standard IRA. If you have a shit job now and expect to make more later, a Roth would make more sense.
Employees Who Stay In Companies Longer Than Two Years Get Paid 50% Less ( www.forbes.com )
Will a quokka brighten your Monday? ( lemmy.world )
Yes they really are that happy usually
Do you basically get double taxed if you make non deductable contributions to a traditional ira? Why do it?
In the US, if you make a lot, are covered by a work retirement account or you contribute to a Roth, you can’t deduct traditional ira contributions right?...