Posted on February, 3 2015
Contributing to an IRA account lets you save for retirement and receive tax benefits, but there are limits on how much you can stash away each year before tax penalties occur. Contribution limits vary by age and situation, and you can maximize tax savings by splitting your savings between retirement accounts.
Posted on March, 6 2014
Roth IRA owners pay taxes on their income when they put it into the IRA, which increases tax liability now. However, all disbursements, including the earnings, are tax free, provided the owner sticks to the rules for withdrawing funds from the Roth IRA.