Message Font: Serif | Sans-Serif
No. of Recommendations: 0
kmcoz: "Okay, I think I have read too much on IRAs and have confused myself. A contribution to a Roth IRA, which I qualify for, is it a deduction that is taken off the top of my income?"

No, Roth IRA is never deductible under the current rules.

A contribution to a traditional IRA may be deductible depending upon coverage by an employer's plan and your income.

Regards, JAFO
Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
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.
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.