Traditional IRA vs. ROTH IRA
Good morning, Terry! First of all, I enjoy watching and listening to your advice on WGN! I worked on our taxes and I can take a full Traditional IRA deduction. My husband cannot. We file married filing jointly. Should I take the immediate tax deduction on both fed. & state tax returns or should I contribute to a ROTH IRA? I am 62 yrs. old and have both Traditional and ROTH IRA accounts. Thank you very much for your advice!
Terry Says
Depends on whether you need the deduction. If you don’t take the deduction right now, one day you’ll be able to pull all the money out tax-free!! And no Required Minimum Distributions from a Roth. So that’s the way I would lean!
