How does a Roth IRA affect my taxes?
An example of an AI chatbot conversation about Roth IRA tax implications.
Can you explain how a Roth IRA affects my taxes?
Sure! Contributions to a Roth IRA are made with after-tax dollars, meaning you pay taxes on the money before you deposit it.
What about withdrawals? Are they taxed?
No, qualified withdrawals from a Roth IRA are tax-free, which is one of its main benefits!
Are there any penalties for early withdrawal?
Yes, if you withdraw earnings before age 59½ and before the account is at least five years old, you may face taxes and penalties.
What if I don't withdraw anything? How does it affect my tax situation?
If you don't withdraw, your investments can grow tax-free, which can significantly benefit your long-term savings.
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