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Financial Planning / Tax Strategies


Subject:  Re: ira for dummies Date:  2/12/2008  9:06 PM
Author:  irasmilo Number:  98616 of 128269

thats a book i that its almost tax time ,my question is , how can i lower what i owe. my understanding is that a roth ira is fine for retirement but cant be a deduction on taxes. if i open an ira ( take money from a savings acount) i can deduct contribution, hense lowering tax i owe. but , when i retire in 5-6 yrs, and deceide to "cash in" the tradtional ira will taxed. isn't that like double taxed? if i use money that was taxed once as income to open ira and than taxed again with i close out ira. where is that book?

I'm right here!!!

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