 TITLE: Do Retirement Accounts Affect Your Taxes? CONTENT: Roth IRA\n--------\nContributions to a Roth IRA are made on a post-tax basis and don't qualify for tax deductions. However, your earnings grow tax-free, and qualified withdrawals aren't subject to taxes or penalties. You may also be able to escape a 10% tax penalty for withdrawing money before you turn 59½ and before the account is five years old if, for instance, you're applying the money to a first-time home purchase. END