UnThreaded | Threaded | Whole Thread (10) | Ignore Thread Prev Thread | Prev | Next | Next Thread
Author: Aestatis Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 77548  
Subject: Taxable amount on Roth IRA Date: 2/8/1999 7:54 AM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
My fiance switched to a Roth IRA in December. The end of year value of her account was approximately $12K. While I know that she is responsible for paying taxes on this money (spread across four years), it seems to me that she is getting taxed TWICE on the $2K she contributed in 1998.

The $2K is taxable income from her job that she put into the IRA (increasing her IRA account by $2K). By switching to the Roth, she now has to pay taxes on the $2K that is already reflected in her taxable income.

Am I totally off base here?
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (10) | Ignore Thread Prev Thread | Prev | Next | Next Thread

Announcements

The Retire Early Home Page
Discussion on accelerating retirement day.
Kiddie Card Board
Should kids have their own credit card?
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement