@re2pect I agree the sims were pretty awful. It was basically copying numbers over lol
@jack IRA's are definitely not my strong point. The way a non-deductible IRA works is you are NOT allowed the $5,500 annual deduction that a traditional IRA would get, this deduction is deferred until you withdrawal money. Lets say you contributed 50k over your life to a non-deductible IRA, none of which is deductible (like I mentioned before), and the IRA grew in value to 100K. Lets say one year you withdrew 10k…you would deduct the % of value you contributed compared to how much it grew so easy numbers in my example, you contributed 50k and it grew in value to 100k so 50% of the withdrawal is tax deductible or 5k.
Hope this helps, in short, it's basically the $5,500 benefit you get from a traditional IRA except you don't get the benefit until the withdrawal rather then the yeah you contributed.
FAR - 78
REG - 72,74,71...please just go away REG nobody likes you!
BEC - 82
AUD - Aug 16
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