You won’t get a current tax break by contributing to the Roth, but you can withdraw the earnings tax-free after age 59 ½, as long as you’ve had a Roth IRA for at least five years. If your spouse didn’t earn income in 2023 but you did, you can also contribute to a ...
thetax deadline for 2022individuals and businesses, the Internal Revenue Service (IRS) extended its tax deadlines to October 16, 2023. Some parts of Georgia were additionally affected by Hurricane Idalia—see below for updated tax filing information if you live in the impacted...
There are also tax deductions available for student loan borrowers who paid interest on their loans within a given tax year, taxpayers who made a charitable donation or made contributions to a health savings account. This is why it’s important to not only have a clear picture of the money...
The short story: A traditional IRA gets you a tax break today, but you pay taxes when you withdraw any money. Meanwhile, a Roth IRA allows you to take tax-free distributions in the future in exchange for contributing after-tax money today. ...
You won’t get a current tax break by contributing to the Roth, but you can withdraw the earnings tax-free after age 59 ½, as long as you’ve had a Roth IRA for at least five years. If your spouse didn’t earn income in 2023 but you did, you can also contribute to a ...