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Should You Contribute to a Roth IRA? And Mistakes to Avoid if you Do.

Quick Recap: Roth vs. Traditional IRA: What are the main differences between a Roth IRA and a Traditional IRA? Contributions to a Roth IRA are not tax-deductible when you make them. However, the distributions can be tax-free. This tax-free status for distributions applies to both the original investments and the gains on them, assuming you are over age 59½ when you withdraw the funds and that the account is at least five years old.  In 2020 you can contribute up to $6000 per