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Posts: 154
In response to
"
Can ST confirm my understand: The benefit of a Roth IRA is that I pay the tax now but everything else in that account will be tax free? Traditional
"
by
James Bond (aka Igor)
yes that is correct. you can also pull out all contributions tax free at any time. -- nm
Posted by
iSpam (aka spamlet)
May 27 '16, 09:56
(No message)
Responses:
Going off this. Can I use the Roth money to pay the tax? So you pretty much I can pull my initial amount of tranfer out of the Roth to pay the tax?
-
James Bond (aka Igor)
May 27, 09:59
3
Doesn't work like that, I'm afraid -- (edited)
-
znufrii
May 27, 10:05
2
Oh.. hmm -- nm
-
James Bond (aka Igor)
May 27, 10:08
1
You don't have to do it all at once, afaik -- nm
-
senor dentista
May 27, 10:12
There are also income limits depending how much he anticipates making in the future -- (link)
-
senor dentista
May 27, 09:59
1
yes, at some point I will go above that so I won't be able to contribute to a roth (currently that is nowhere near an issue)
-
James Bond (aka Igor)
May 27, 10:00
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