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>> There is a plus and minus to that. You don't pay tax on the gains but you can't write off the losses. <<

Actually, it's worse than that. Long term capital gains are taxed as ordinary income rather than capped at long-term rates (currently 15% or less) when withdrawn. And, as you said, you can't write off the losses.

Which is why, other than the possibility of unrestricted Roth conversion in the future, I think a taxable account (where almost all the gains come from dividends and long-term cap gains under current tax law) is superior to a non-deductible TIRA.

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