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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?

Seriously, you need to determine whether you can even make a deductible contribution to an IRA. Are you (or your spouse) covered by a retirement plan?

Next let's clear up some misunderstanding. If you make a deductible contribution to an IRA and lower your taxes "today", any withdrawals from that IRA in the future will be taxed. It's not double taxation because you aren't being taxed on it now. If you make a nondeductible contribution to an IRA, then a portion of future withdrawals will be tax-free as you recover the already taxed portion of the IRA.

If the non-deductible contribution is made to a Roth IRA then all future qualifying withdrawals will be totally tax-free.

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