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Ask The Expert: Taxes

Q:
Asked by Toni 2/5/13

If I open a Roth IRA, will it reduce my income tax liability for 2013?

Matthew Malone A:
Answered by Matthew Malone 2/7/13
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252 out of 252 people found this useful.

No, it won’t. Roth IRA contributions are made with “after-tax” money. Traditional IRAs allow you to take a current-year deduction, thereby reducing tax liability.

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