No. The End. Rather than have this be the shortest blog post ever, I want to refine my answer a bit. There is no deduction for Roth IRA contributions since money goes into these accounts after-tax. But there may still be a tax benefit to making Roth IRA contributions, aside from the potential for tax-free… [Read More] Is a Roth IRA Ever Tax Deductible?
If you’re a fan of the hit HBO series, Game of Thrones, there’s one phrase about the Lannister family that you’ve heard time and time again. A Lannister always pays their debts. It’s one of the many things their family has been known for throughout the show. Regardless of the amount, or how long it… [Read More] Be Like the Lannister’s: Always Pay Your Debts
Mullooly Asset Show: Episode 50 – Roth IRA’s – Transcript Tom Mullooly: In episode 50 we’re going to cover the confusing world of Roth IRAs. Welcome to the Mullooly Asset Show, I’m your host Tom Mullooly and this is episode 50. Happy to be here. We keep getting feedback from people who say, “Where… [Read More] Mullooly Asset Show: Episode 50 – Roth IRA’s
In my last post I covered the basics of the Roth IRA. However, figuring out Roth IRA contributions can be tricky due to the phaseout rule. In this post I will provide examples of how to calculate Roth IRA contributions for a single tax filer and a married couple filing jointly. Single Filer If a single… [Read More] Roth IRA Contributions for Single Filers and Married Couples
A popular way for individuals to save for retirement is through a Roth Individual Retirement Account or Roth IRA. Who can open a Roth IRA? Any individual who has earned income may open and contribute to a Roth IRA. Earned income includes any money earned from salary, wages, tips or commission. It does not include… [Read More] The Basics of a Roth Individual Retirement Account – Roth IRA