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.
The two big advantages of a Roth IRA are tax-deferred growth of your investments while they remain in the account, and tax-free distributions once your account becomes qualified. While you can't write off contributions to your Roth IRA, you might be able to deduct advisory fees you pay on that account.onsiderations. You usually have the option of itemizing your deductions or claiming the standard deduction. Depending on your income or other factors, itemizing your deductions might not always be your best bet, even if it allows you to deduct your Roth IRA advisory fees.