Roth IRA

  • Contributions are never tax deductible.
  • Earnings grow tax free.
  • Contributions can generally be distributed tax free at any time.
  • Earnings can be distributed tax free if the Roth IRA holder first made a Roth IRA contribution at least five years ago AND one of the following events occurs:
    • Attaining age 59 ½
    • Incurred a disability
    • Purchasing a first home 
    • Death (payments to beneficiaries)
  • Distributions not required to be taken by Roth IRA holders at age 70 ½.
  • Contributions can be made as long as the money contributed is from earned income.
  • Catch Up Contributions can be made when an individual reachs 50 years of age.

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