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"What would be the advantage of an after-tax IRA?"

The advantages of the after-tax IRA are that it allows your investment to grow tax free. Although taxable investments of the LTBH type pay tax at a lower rate when done successfully, any event that causes you to sell forces you to pay taxes. The IRA gives you the ability to adjust your investments without paying taxes. That can be quite an advantage.

Secondly, in a low income year, the IRA can be converted to a Roth IRA.
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