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Additional Details
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crazylegs | What is the best type of IRA to start for tax breaks, Roth or Traditional? |
I am from Iowa and have about $1000 dollars to contribute. any good sources or companies for starting this IRA would be appreciated. |
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B in clt
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Find a financial advisor you trust (through interviewing them). They will provide good investment advice. Both IRA's grow tax deferred (you don't pay earnings along the way). The differences are that
Traditional ira- tax write off on contributions, taxed fully when withdraw, can't withdraw b4 59.5yrs old w/o 10% irs penalty and taxed on everything
Roth- all contributions are already taxed (can't use it as a write off), by the time you're 59.5 yrs old (and assuming you had the account at least for 5 yrs) everything is tax free. You are also allowed to take out the principal at anytime w/o penalty. Some other rules apply to fully withdraw w/o penalty (i.e. 1st home purchase, higher education, etc.)
Again, if you have little to no investment experience, DO NOT listen to those hot stock tips, Suze Orman, or whatever is on TV. By the time you hear of those 20% returns, you're already too late (i.e. real estate). Please, please work with a professional. |
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VATreasures
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A traditional IRA gives you a tax break in the year you make the contribution. With a ROTH IRA you pay the taxes upfront, but never have to pay taxes on it after that. The ROTH also gives you the flexibility to withdrawl your contribution for any reason and your earnings for certain reasons. |
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kk
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the roth ira will allow you to contribute the money now after taxes so that when you withdraw it you only pay taxes on the interest earned. the value is that when you retire, you will most likely have less ability to pay the taxes.
the traditional ira allows you to have a tax break now, but you will pay taxes on the amount when you withdraw it. if you need a tax break now, it could be a good option.
there are several good brokers that will offer both roth and traditional ira's...check out their fund ratings and their fees before you invest. |
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blahblah
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roth |
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harley29
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Generally... if you think that you will be in a lower tax bracket when you are withdrawing the money, then open a traditional IRA... if you think you are in a lower tax bracket now, then open a Roth. |
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Shiner
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Both Roth and traditional IRA's are invested with after tax money. They both grow tax deferred until you start to withdrawal which is the year you turn 70.5 years old. The 2 differences are that when you withdrawal from a traditional you are taxed at your tax bracket as income, with the Roth you receive it tax free. The other difference is that to invest in a Roth you have to make under $95,000 a year or $150,000 if you are married filing jointly. The Roth is the better pick if you can do it. |
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paul_design
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In most cases a ROTH is better since you can remove the money without paying income taxes on it. You don't have the initial tax break now but if the money will be in it for more than a few years the ROTH is better. |
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Curious
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The Roth is better now, because the $1000 you have is already after tax proceeds. The investment you make in the ROTH will grow tax free until you withdraw it after the age of 65. If you open a tradtional IRA with $1000 after tax money, you deny yourself the tax advantages of opening a traditional IRA because you will have to pay taxes on the proceeds. Unless your annual income exceeds the Roth contribution requirements (approx 75,000 individual, 130,000 for joint), you are better off opening a Roth IRA. Let the time value of money work for you. |
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