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Focus on Finance: IRAs: Don't get overtaxed

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By Steve Wright

Question: Generally, are all contributions made to IRAs from pre-tax income?
Answer: Owners of most traditional IRAs contributed to them with pre-tax income. I.E. they contributed to their IRA only when they could get a taxable income deduction for their yearly contribution. In that case, all distributions from their IRA to themselves or any of their surviving IRA beneficiaries will pay ordinary income tax on their distributions. But what if your IRA includes after-tax (or already taxed) contributions?


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