What are the tax implications of a Roth IRA?
An example of an AI chatbot conversation about tax implications of a Roth IRA.
What are the tax implications of a Roth IRA?
A Roth IRA allows your investments to grow tax-free, and qualified withdrawals are also tax-free.
Are there any income limits for contributing to a Roth IRA?
Yes, there are income limits. For 2023, single filers can contribute if their modified AGI is under $138,000.
What happens if I withdraw money from my Roth IRA early?
If you withdraw earnings before age 59½, you may face taxes and a 10% penalty, unless you qualify for an exception.
Can I convert my traditional IRA to a Roth IRA?
Yes, you can convert a traditional IRA to a Roth IRA, but you'll owe taxes on any pre-tax contributions and earnings.
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