Across a side street called Kent Avenue, the next house at 234 South Main Street displays yet another style of architecture, the Connecticut Valley's early version of the Georgian. This is the Dr. Alexander King House, of 1764, and now a museum and the home of the Suffield Historical Society.
Roth IRA contributions are not taxed at the time you contribute the funds to your Roth IRA. However, your contributions come from post-tax income. You pay taxes on your income today, but not in the future.ou paid tax on that income when you first contributed to the Roth IRA. If the withdrawal is made before age 59 and 1/2 and is only up to the amount that has been contributed to the Roth IRA then no income tax is charged. Withdrawals of contributions are tax-free.
Benefits of a Roth IRA conversion. Eliminate federal income tax on your future withdrawals. Watch your money grow tax-free indefinitely because, as the IRA owner, you won't have to take required minimum distributions (RMDs) during your lifetime. Leave the IRA as a tax-free bequest for your heirs.