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Reply to "What is the deal with a Roth IRA?"
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[quote=Anonymous]A few years ago, Congress created a work-around the income limits for contributing to a Roth IRA to help fund a tax cut. This workaround waived income limits for people who converted a traditional IRA into a Roth. It raised money in the near-term because the conversion itself was a taxable event. From a long-term perspective, however, it's a huge revenue-loser for the government since once the money is in a Roth it can never be taxed again (until Congress changes the law). So, basically, people at about your income level, who earn too much to contribute outright to a Roth but suspect income taxes may be higher when they retire (because eventually we're going to have to get a handle on this national debt thing) have started to contribute to regular IRAs and immediately convert them to Roths. Also, there are no income limits on Roth 401K contributions, I believe.[/quote]
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