Is A Roth IRA A Qualified Retirement Plan?

  1. 61667 POINTS
    Steve Savant
    Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona
    A Roth IRA is a retirement plan, but is not qualified in the sense that you can not deduct your contributions into the plan. Roth IRAs accumulate tax deferred and distributions are tax free. Roth IRAs may be an option for individuals who are in a low tax bracket and have no employer sponsored retirement plan at work.
    Answered on September 6, 2013
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  2. 11783 POINTS
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    Larry GilmorePRO
    Agent Owner, Gilmore Insurance Services, Marysville, Washington State
    Is a Roth IRA a qualified retirement plan? Well not in the same sense of other qualified plans. With other qualified plans you are participating to get a tax break today, knowing that tomorrow you will pay taxes on income you take from those plans. A Roth on the other hand works in the opposite direction. You pay your taxes now and get the tax break later.
    Answered on October 20, 2015
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