Your Ask Joey ™ Answer

Are contributions to a Roth IRA tax deductible?

No, contributions to a Roth IRA are not deductible from gross income. However, the main benefit with a Roth IRA is that future distributions are nontaxable. That means that both the principal and earnings grow tax free and can be withdrawn tax free in the future. There are limits and phaseouts that each taxpayer needs to be aware of.

The image below lists out the different types of IRA’s and whether the contributions are deductible. As you can see only contributions to a traditional IRA (401k) are deductible.

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