Unveiling the Roth IRA
1. Introduction
The first Roth IRAs were opened in 1998 due to the Taxpayer Relief Act of 1997. This Act is arguably one of the greatest gifts Congress has ever given the American Taxpayer.
What is a Roth IRA (R-IRA)?
A Roth IRA is simply an after-tax individual retirement arrangement (IRA) that grows tax-free - giving the taxpayer the opportunity to pay their taxes upfront and owe nothing later.
What is a Traditional IRA (T-IRA)?
A Traditional IRA is a way to utilize tax-deferred income that grows - giving the taxpayer savings on taxes upfront but will owe them later - and trust me - Uncle…
The skinny
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