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To: William Cloutier who wrote (60800)	5/7/2018 1:55:23 PM
From: Lazarus	Respond to of 79353

We have a different kinds of IRAs. The SEP IRA allows you a tax deduction when you contribute (thereby lowering your taxes for the year of contributions) and a ROTH IRA which does not allow any deduction for contribution. When you turn 59 1/2 you can draw money out of these accounts without paying any penalty. The difference being when you withdraw from a SEP IRA the money you withdraw is taxed as income. ROTH IRA withdrawals are not taxed as income upon withdrawal. I encourage all my kids to have ROTH IRAs.