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The money is taxed only when it's withdrawn, which can begin when you are age 59 1/2.
Contributions to a WEOKIE Roth IRA can be withdrawn tax-free and penalty-free any time. After the account has been opened five years, you can withdraw the earnings tax-free and penalty-free when you are 59 ½, become disabled, or purchase a first-time home (up to $10,000).
You can contribute to both a Traditional and a Roth IRA as long as your total contributions don't exceed the IRS limit.