By Amber Deter An IRA is an Individual Retirement Account (or Arrangement). They are investment accounts to help you save for retirement, and they come with different tax benefits, depending on which IRA you set up. There are two main types of IRAs: Traditional and Roth.
What is a Traditional IRA?
With a Traditional IRA, contributions made in a given year are tax-deductible. For example, if you contribute $6,000 for the year 2019 and are qualified, you can deduct that money from your taxable income. However, once you start to receive disbursements, you will have to pay taxes on what you withdraw, including both contributions …read more
