4014-B Mountville Rd
Jefferson, MD 21755
301-473-4445
Contact | Directions
REGULAR HOURS:
Mon thru Thurs - 8AM-5PM
Fri - 8AM-3PM
Feb - Apr 15th HOURS:
Mon, Wed, Fri - 8 - 5 PM
Tue & Thurs - 8 - 8 PM
Sat - 8AM - 12 noon
Will putting money in a Roth IRA save me anything on my 2009 taxes?
You do not get a deduction for contributing to a Roth IRA like you do with a traditional IRA. The tax savings related to a Roth is the deferral of taxes on the earnings of the plan. The income earned by investments in a Roth IRA are not taxed to you on an annual basis. Instead the earnings accumulate in the plan tax free. If you draw out the money after achieving the age of 59 1/2 and the money has been in the plan at least five years, it all comes out tax free!