What's an IRA?
A traditional Individual Retirement Account (IRA) is a retirement plan that lets you put money into it without first paying tax on it. When you withdraw money from your traditional IRA, you’ll have to pay taxes on it then.
A Roth IRA is different from a traditional IRA because you put money into it after you have already paid taxes on it. When you withdraw money from your Roth IRA, you won’t have to pay tax on it since- you already paid taxes on it before you put it into your Roth IRA.