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SVTPerformance's Chain of Restaurants
Road Side Pub
The Chow Hall
Investing VA Disability Payments
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<blockquote data-quote="Stanger00" data-source="post: 16005372" data-attributes="member: 128629"><p>Yes.</p><p></p><p>Since you can only contribute payroll money you will still be paying taxes on what you put into the Roth IRA but the money you get from VA is tax free. When you start to draw from the Roth IRA it will be tax free as well. Piggybank. </p><p></p><p>I wish I could use my disability to pay toward savings but for now it is helping with childcare. My son is 6 months old and full time daycare is almost $1400 a month. Nearly the max 401k contribution for my 26 paycheck cycle. I can only use $5k of that as pre-tax money from my flex-spending account. At least I get some sort of tax break for it.</p></blockquote><p></p>
[QUOTE="Stanger00, post: 16005372, member: 128629"] Yes. Since you can only contribute payroll money you will still be paying taxes on what you put into the Roth IRA but the money you get from VA is tax free. When you start to draw from the Roth IRA it will be tax free as well. Piggybank. I wish I could use my disability to pay toward savings but for now it is helping with childcare. My son is 6 months old and full time daycare is almost $1400 a month. Nearly the max 401k contribution for my 26 paycheck cycle. I can only use $5k of that as pre-tax money from my flex-spending account. At least I get some sort of tax break for it. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
The Chow Hall
Investing VA Disability Payments
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