street
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- Joined
- Nov 30, 2016
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- 9,569
Today my wife and I visited with our tax man. We were talking and he asked my wife if she wanted to but x$ into the ROTH this year. She said yes and he told her to take it out of the saving account we have at the local bank. This is an ordinary daily savings account we keep money in to life off of etc.
My question is why would you take money from a savings account put into a ROTH? There can't be any tax benefit taking money that we have paid taxes on to go into a ROTH is that correct? So why from a savings account to a ROTH what is the benefit to us?
My question is why would you take money from a savings account put into a ROTH? There can't be any tax benefit taking money that we have paid taxes on to go into a ROTH is that correct? So why from a savings account to a ROTH what is the benefit to us?