Question

Why aren't my Roth IRA contributions deductible?

Forum|Forum|2 years ago
April 11, 2024
1 reply
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On the deductible amount I see a big 0. I was under the assumption that Roth IRA contributions were 100% deductible

TurboTax Deluxe Online

Roth IRAs are not tax deductible. They never have been. However, the money in a Roth IRA grows tax free and if you wait until you're age 59 1/2 all distributions from a Roth are tax free. So, no tax benefit now. Huge tax benefit after age 59 1/2. A Traditional IRA or 401(k) is the opposite. You get a tax deduction now. The funds grow tax deferred. But when you take distributions, they are 100% taxable.

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