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You only pay taxes on the money which is initially put into the Roth, and those taxes are treated as regular income. The holdings in the Roth grows tax free ... forever ...so you DO make money without tax consequences.
And I edited my previous post with a FOURTH ... but I'll say it again here ... what does Obama have to do with the money you will be withdrawing whenever that time comes? Are you currently over 51? (i.e. Obama 2012 !!! )
The fact that you are worried about tax consequences on holdings in a retirement account makes me wonder???
One minute you are saying you have ZERO tax consequences ... and the next minute you are saying you always have tax consequences ??? (refer to post #181 above)
Maybe HubbleRules was correct about your "boasting" ??? hmmmm ...
You pay taxes on it when you cash the IRA do you not? So complaining about spending and taxes would only make common sense because future taxes HAVE to go up to pay these debts..
I have ZERO tax consequences THIS year.. (in fact I received a refund after paying ZERO taxes but that just goes to show the stupidity of the tax code system)
This does not mean that FUTURE taxes do not need to be worried about.. Why do liberals always have problems analizing future tax liabilities and always think about today? Probably for the same reason they support Obama, heyy.. he's the man, he'll solve todays problem, lets not worry about tomorrows..
I along with every single individual I know worries about TOMORROWS tax liabilities, if your not looking 10+ years down the road your a fool..
You pay taxes on it when you cash the IRA do you not?
Not if it's a Roth IRA.
How many times do you have to be told that before you understand it?
"Unlike a Traditional IRA or 401(k) plan that gives you a tax break on today's contributions, the Roth IRA gives you a tax break in the future. Instead of deducting your contributions, you use after-tax dollars to fund a Roth IRA and then qualified withdrawals are completely tax free."
Not if it's a Roth IRA.
How many times do you have to be told that before you understand it?
"Unlike a Traditional IRA or 401(k) plan that gives you a tax break on today's contributions, the Roth IRA gives you a tax break in the future. Instead of deducting your contributions, you use after-tax dollars to fund a Roth IRA and then qualified withdrawals are completely tax free."
When the hell did I claim to be in a "Roth" IRA In fact I claimed just the opposite, see above.. ZERO taxes paid this year. If I had a Roth I would not haven paid ZERO, they would have been taxed going in.
You guys are histerical, someone mentions how the value of their stocks went up and all of a sudden it turns into a "prove the poster a lier" as if its impossible that stocks have gone up, (ironic this is a stock going up thread), or that they claimed to have millions in the market..
When the hell did I claim to be in a "Roth" IRA In fact I claimed just the opposite, see above.. ZERO taxes paid this year. If I had a Roth I would not haven paid ZERO, they would have been taxed going in.
More idle boasting and bragging I see.. you really seem to have a strong psychological need for it...
In my personal experience - those who brag and boast are most often just spinning tales to make up for deficiencies in their lives... it's sort of their alter-ego.
And if as you CLAIM, you paid no taxes this year, why are you so riled about the potential for higher taxes...
More idle boasting and bragging I see.. you really seem to have a strong psychological need for it...
In my personal experience - those who brag and boast are most often just spinning tales to make up for deficiencies in their lives... it's sort of their alter-ego.
And if as you CLAIM, you paid no taxes this year, why are you so riled about the potential for higher taxes...
Just a monumental self-contradiction...
Bob, you have issues, I suggest you seek therapy..
I'm conserned about FUTURE tax liabilities, and debts that my CHILDREN have to pay.. How many times do you need to have this explained to you? I've mentioned it at least 2-3 times in this thread alone....
let me key slowly so even you can understand it..
I put money into an IRA this year (along with trusts etc) which eventually lower my tax liabilities to zero.. Eventually when I take these funds out.. THEY GET TAXED..
p.s. Claiming ZERO tax liability and actually getting a check from the government by manipulating the tax code is not a boast, even if you claim it is.. I guess it would be to a liberal to consider it wonderful to get a check, I however think its rediculous but obviously like most liberal, ready and willing to take free money..
I know your slow mrbob.. Here, let me AGAIN put it into bold without you cutting and pasting to make an argument that again does not exist..
If you think I'm wrong because I miskeyed something that anyone with some intelligence can read that clearly said the states HAVE debts, then woo hoo high five.. way to go.. Do you feel better now?
I hope so because thats what conservatives do, live to make liberals feel smart even if they arent.
btw, hows the market today? Still think Obama is a genius? I'm sure you do, rhetoric question no need to answer.. At least you finally got the title correct, Republicans upset, just review what way the market went before responding.. I know, it'll be tough to figure out, hint.. its in red.. every indicator is in red...
its almost humorous to think that you just bumped up this thread considering what happened to the market today...
Now now, calm down MrP.
I know you only know one speed MrP - backwards - so let me try for the 3rd time to point out your misstatement - which I've already clearly done before - but which you continue to ignore (for face-saving reasons I know)
Your exact quote from your prior posting:
Quote:
The creditors have recourse against the US Government, not individual states. States are only liable for the debts that their individual states have created.. Since many states are required by state constitutions to hold a balanced budget, most states have no debt..
Do you see the text that is bolded???? Hmmm??? Your exact words... 'MOST STATES HAVE NO DEBT'. Literal translation - most states have no debt. Is there anything confusing about that statement - ok - take your time - look at it very very hard - try not to get too confused.
And YES I did see the market dive yesterday - I'm sure you are very happy that people's retirement accounts took a big hit - since you are gloating over it so much...
I still stand by Obama - and believe that a year from now the market and the economy will be in better shape and unemployment will have levelled off and begin a slow steady rise...
lol...every consumer in the US gives the Government money....
Unless they get to claim things like first time home buyers credit, which moves money to the consumer.. You being a realtor would know about this program..
Now if your speaking of "fees" and not taxes, per liberals, that doesnt count.. Obama said no TAX increase, he can quadruple fees without breaking his pledge
I know you only know one speed MrP - backwards - so let me try for the 3rd time to point out your misstatement - which I've already clearly done before - but which you continue to ignore (for face-saving reasons I know)
Your exact quote from your prior posting:
Do you see the text that is bolded???? Hmmm??? Your exact words... 'MOST STATES HAVE NO DEBT'. Literal translation - most states have no debt. Is there anything confusing about that statement - ok - take your time - look at it very very hard - try not to get too confused.
And YES I did see the market dive yesterday - I'm sure you are very happy that people's retirement accounts took a big hit - since you are gloating over it so much...
I still stand by Obama - and believe that a year from now the market and the economy will be in better shape and unemployment will have levelled off and begin a slow steady rise...
Your back to the posting that I obviously mis-keyed and have mentioned that 3 times now? Anyone with half a brain would know it was a mis-key, the sentence right before it very clearly said states have debts, but hey, you just keep posting it over, and over, and over..
Take your medication, please, they have drugs to help you keep up with the conversation without repeating yourself.
Economy will get better? Nostradomus are you? You have the ability to believe that a year from now the market will be better, the unemployment will have leveled off and begin a rise? Jees, my 8 year old son knows that in a year from now things will be better because ITS A CYCLE... Things will get better in spite of washington, not because of them..
In addition, you should read the CBO reports, its not very flattering towards the long term consequences of Obama.. But hey.. your cool, you like Obama.. he's the man, just ignore reality and go with your gut feelings, even if you can mouth off about Obama taking credit for a cycle which has existed for hundreds of years.. woo hoo, go Obama..
And why would that be surprising? I mean its the stock market, they go down, they go up, why yesterday it went down, possibly up today.. whats the point?
p.s. it fell yesterday, I lost 20%, let me tell you how happy I am as a Republican.. I mean obviously I'm just thrilled, the title of this thread would prove it..
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but that just goes to show the stupidity of the tax code system)
