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Author	Topic: Tax question, should I deduct for IRA contribution? [Locked]
WhipSmack Posts: 358 Registered: 2001-1-8 19:15:50	Date Posted: 1/1/00 12:00am Subject: Tax question, should I deduct for IRA contribution?
	I will owe around $750 in taxes, but if I create an IRA by 4-17 this year I can get my taxes down to 0. Isn't deducting your income from an IRA just delaying the taxes? It isn't really saving the taxes...it just delays until I am able to withdraw, and then I pay taxes on it. Whats the point?
AliHajiSheik Posts: 143 Registered: 2003-1-5 08:42:33	Date Posted: 1/1/00 12:00am Subject: Tax question, should I deduct for IRA contribution?
	Yes. Money now is worth more than money later. -----signature----- yawn
Kanga_Roo Posts: 439 Registered: 2002-2-26 12:58:17	Date Posted: 1/1/00 12:00am Subject: Tax question, should I deduct for IRA contribution?
	AliHajiSheik posted: Yes. Money now is worth more than money later. to me the question is will your tax rate be higher now or when you take it out of the IRA? -----signature----- Laws control the lesser man... Right conduct controls the greater one. Mark Twain
WhipSmack Posts: 358 Registered: 2001-1-8 19:15:50	Date Posted: 1/1/00 12:00am Subject: Tax question, should I deduct for IRA contribution?
	How did I forget to leave that detail out? I plan to withdraw the IRA to purchase a home, within a year or two...
silvadel2 Posts: 378 Registered: 2009-7-13 09:37:29	Date Posted: 1/1/00 12:00am Subject: Tax question, should I deduct for IRA contribution?
	Kanga_Roo posted: AliHajiSheik posted: Yes. Money now is worth more than money later. to me the question is will your tax rate be higher now or when you take it out of the IRA? Roth is usually better but under these conditions, but remember -- there have been attempts to governmentalize all of these IRAs. I would be very lyrie of putting money into IRAs at this time until the government has figured out what it is going to do about social security and pensions etc. ----- Just saw your "planning to spend it on a house" thing... That just adds to the just hold onto the money thing. Why complicate matters? -----signature----- Lost postcount 17k; Lost years 9.6; Lost Title: Priceless The most expensive things in life are free Asheron's Call 3 // Horizons 2 -- Dragons of Dereth (one can always hope) 1920x1200 is a Monitor. 1920x1080 is a TV without a tuner.
Kanga_Roo Posts: 439 Registered: 2002-2-26 12:58:17	Date Posted: 1/1/00 12:00am Subject: Tax question, should I deduct for IRA contribution?
	WhipSmack posted: How did I forget to leave that detail out? I plan to withdraw the IRA to purchase a home, within a year or two... Not worth the hassle to put into then take out of an IRA IMO. -----signature----- Laws control the lesser man... Right conduct controls the greater one. Mark Twain
Jezza_Belle Title: =^.^= Posts: 2,771 Registered: 2001-2-24 02:29:30	Date Posted: 1/1/00 12:00am Subject: Tax question, should I deduct for IRA contribution?
	not worth it, when I withdrew from my 401k early, it was taxed at 30%, and then I still had to pay more at the end of the year. -----signature----- ( - Y - ) These ones are not real, just FYI. Follow my progress... http://tweetlbug.deviantart.com/

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