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Article: NEW ROTH IRA NOT AS TAXING NOW OR AT RETIREMENT.(Business)(Column)
- Article from:
- Rocky Mountain News (Denver, CO)
- Article date:
- October 20, 1997
CopyrightCOPYRIGHT 1997 Rocky Mountain News. All rights reserved. Reproduced with the permission of Dialog LLC by Gale Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Humberto Cruz
Ah, to be 25 again.
At 25, which is how old my daughter Veronica will be on Dec. 7, it is going to be a sweet deal to take an individual retirement account and convert it to a new Roth IRA.
That's what Veronica told me she is going to do as soon as the Roth IRAs become available on Jan. 1, 1998.
With a Roth IRA you cannot claim a tax deduction on the money you put in. But withdrawals are completely tax-free if you are at least 59 1/2 and the account has been established at least five years.
You are eligible to make the maximum $2,000 contribution to a Roth IRA if your adjusted gross income is no more than ...