What are the tax benefits of IRA accounts?
An example of an AI chatbot conversation about tax benefits of IRA accounts.
What are the tax benefits of IRA accounts?
IRA accounts offer tax-deferred growth on your investments, meaning you won't pay taxes on earnings until withdrawal.
Are there different types of IRAs with varying tax benefits?
Yes, there are Traditional IRAs and Roth IRAs. Traditional IRAs provide tax deductions on contributions, while Roth IRAs allow tax-free withdrawals.
What are the contribution limits for these accounts?
For 2023, the contribution limit is $6,500 per year, or $7,500 if you're age 50 or older.
Can I withdraw money from my IRA without penalties?
You can withdraw contributions from a Roth IRA anytime without penalties, but early withdrawals from a Traditional IRA may incur taxes and penalties.
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