when you contribute to a roth ira you pay taxes on the entire amount contributed during that year, but you will owe no future taxes on your contributions or their earnings.

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03-12-2021
Social Studies

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when you contribute to a roth ira you pay taxes on the entire amount contributed during that year, but you will owe no future taxes on your contributions or their earnings.

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Baraq Baraq · Answer 1 · 2021-12-07T11:19:48-05:00

Based on taxation policy, it is true that when you contribute to a Roth IRA, you pay taxes on the entire amount contributed during that year, but you will owe no future taxes on your contributions or their earnings.

Roth IRA ensures individuals only pay taxes on money paid into their account, while the future withdrawals are not taxed.

The reason Roth IRA contributions are not taxed is based on the fact that Roth IRA contributions are made with after-tax money which is usually salary.

Roth IRA is generally known as Individual Retirement Account established under the Taxpayer Relief Act of 1997 and named after Senator William Roth.

Hence, in this case, it is concluded that the correct answer is TRUE.

Learn more about Roth IRA here: https://brainly.com/question/12455165

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