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LSDefine

Simple English definitions for legal terms

Roth IRA

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A quick definition of Roth IRA:

A Roth IRA is a type of savings account where you can put money in each year. You can't deduct the money you put in from your taxes, but you also don't have to pay taxes on the money you take out when you retire. You have to be at least 59 1/2 years old to take the money out without paying a penalty. It's named after a senator who helped create it.

A more thorough explanation:

A Roth IRA is a type of individual retirement account where a person can save money for their retirement. The account allows a person to contribute a certain amount of their earned income each year. The contributions and any interest earned in the account are not taxed until the money is withdrawn after the account holder reaches 59 1/2 years old. If the money is withdrawn before then, a penalty of 10% is applied.

For example, if a person earns $50,000 a year and contributes $5,000 to their Roth IRA, they will only be taxed on $45,000 of their income that year. When they reach 59 1/2 years old and withdraw the money, they will not have to pay taxes on the contributions or any interest earned.

A Roth IRA is different from a traditional IRA because contributions to a traditional IRA are tax-deductible when they are made, but the money is taxed when it is withdrawn. With a Roth IRA, contributions are not tax-deductible, but the money is not taxed when it is withdrawn.

Overall, a Roth IRA is a good option for people who expect to be in a higher tax bracket when they retire, as they will not have to pay taxes on the money they withdraw from the account.

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TGM
18:41
not sure if I should email them to say that, or just hold off on sending it and not give an excuse
18:41
I think I just wouldn’t reach out and if they ask for them then say that
Dkk
18:41
@tgm Yeah sounds good, say that if they ask
18:47
hey yall
18:47
im premed idk why im here
18:48
we’re like cool and sexy and fun I get it
18:48
true i love ur user
18:49
thank you my little crow friend
Dkk
18:50
Med law easy done
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
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