Lastly, inheritors of Roth IRAs don’t have to pay income taxes for the account. Because there are no mandatory withdrawals, your account can accumulate more gains throughout your life. Plus, Roth IRAs have no required minimum distributions (RMDs), meaning you can leave as much money as you’d like in your account during retirement. First, you can deposit money into your Roth IRA at any age. In addition, the government does not tax Roth IRA gains. However, you can withdraw money at age 59.5 or older without incurring taxes. Because you deposit income that the government has already taxed, Roth IRA deposits don’t create tax deductions for the present year. A Roth IRA is an individual retirement account that holds post-tax dollars.
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