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<blockquote data-quote="Bright Raven" data-source="post: 1559392" data-attributes="member: 27490"><p>I am retired and am currently using several retirement investments as follows:</p><p></p><p>1. A Federal Civil Service Retirement Annuity. It is taxed at the federal level. However, some states exclude federal annuity payouts from taxable income based on a formula. Kentucky is one of those states.</p><p></p><p>2. Thrift Savings Plan. It is a federal savings investment that functions under the statues of a 401K. It is taxed at the Federal level and the state level in Kentucky.</p><p></p><p>3. ROTH IRA. There was no tax deferral when investments were made but the greater benefit is that withdrawals are not taxed.</p><p></p><p>4. Traditional IRA. The investments were tax deferred but withdrawals are taxed as income.</p><p></p><p><u>Going to Brute's statement on a Roth IRA. </u> There is no deferral of taxes when investments are made. There is no income tax on payouts at retirement. I think that is what TT means.</p></blockquote><p></p>
[QUOTE="Bright Raven, post: 1559392, member: 27490"] I am retired and am currently using several retirement investments as follows: 1. A Federal Civil Service Retirement Annuity. It is taxed at the federal level. However, some states exclude federal annuity payouts from taxable income based on a formula. Kentucky is one of those states. 2. Thrift Savings Plan. It is a federal savings investment that functions under the statues of a 401K. It is taxed at the Federal level and the state level in Kentucky. 3. ROTH IRA. There was no tax deferral when investments were made but the greater benefit is that withdrawals are not taxed. 4. Traditional IRA. The investments were tax deferred but withdrawals are taxed as income. [u]Going to Brute's statement on a Roth IRA. [/u] There is no deferral of taxes when investments are made. There is no income tax on payouts at retirement. I think that is what TT means. [/QUOTE]
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