1. a usually chile plural chilÂ·es: a hot pepper of any of a group of cultivars (Capsicum annuum annuum group longum) noted for their pungency âcalled also chili pepper b usually chilli plural chillies also chilÂ·lis chiefly British: a pepper whether hot or sweet. 2.a: a thick sauce of meat and chiles. usually chile plural chilÂ·es: a hot pepper of any of a group of cultivars (Capsicum annuum annuum group longum) noted for their pungency âcalled also chili pepper b usually chilli plural chillies also chilÂ·lis chiefly British: a pepper whether hot or sweet. 2.
The primary benefit of a traditional IRA is that in most cases, the contributions are made on a pre-tax basis. This means that when you deposit money into the IRA, you can deduct that amount from your taxable income. This results in paying less income tax for the year.
You then put $5,000 into IRA, but there is no tax deduction. You end up contributing money on which tax has already been paid (hence the term post-tax), but you will NOT owe income tax when eventually you take moeny out of your IRA. Finally, answer to your question. There are two types of IRA: traditional IRA and Roth IRA. Contributions to Roth IRA are always post-tax. Contributions to traditional IRAs are usually pre-tax but sometimes are post-tax. By the way, post-tax traditional IRA are usually a bad idea. Michael Plaks, EA, Houston TX www.MichaelPlaks.com