ROTH IRA Inherited
An inherited IRA is created when someone inherits an IRA after the death of the original owner. If you’ve inherited an IRA or an account in an employee-sponsored retirement plan, consider transferring it to a Galleon Inherited IRA and get professional, one-on-one guidance from Global Advisers. You’ll receive all the tax advantages of the IRA, as well as the ability to withdraw funds according to a set schedule over your lifetime.
AccountsIndividuals & FamiliesIndividualJoint(JTWROS)Joint(TIC)
Retirement & IRAsTraditional IRAROTH IRASEP IRARollover IRA401(k) and 403(b) Rollovers
Trust, Estate & CharitableGalleon Flagship TrustGalleon Flagship EstateCharitable Equity Opportunities (CEO)
Education & Custodial529 PlansCustodialEducation Savings
Special Purpose Accounts Impact InvestingGreen PortfoliosHedge FundsMedical
Businesses & CorporationsCorporationPartnershipLimited Liability CompanyEmployee Retirement PlansGeneral Business Investing
Professional AccountsAdvisersInstitutionalMoney Management
A Roth IRA’s tax advantages differ from the Traditional IRA. If eligible for this account, your annual contribution limits are the same but are not tax deductible. However, since annual contributions have already been taxed, these contributions will never be taxed again and earnings can grow tax free. In addition, the contributed funds can be withdrawn any time you wish and there are no required minimum distributions after age 70½.
2018–2019 Roth IRA Contribution LimitsYou make Roth IRA contributions on an after-tax basis. Use the charts below to see how much you can contribute based on your income.
Modified Adjusted Gross Income (MAGI)
|Maximum Contributions for Individuals Under Age 50||Maximum Contributions for Individuals Age 50 and Older|
|Single Filers||Married Filing Jointly||Married Filing Separately|
|under $122,000||under $193,000||$0||$6,000||$7,000
|$137,000 & over||$203,000 & over||$10,000 & over||$0||$0|
- You are purchasing your first home ($10,000 lifetime maximum)
- The Roth IRA has been in existence for at least five years
- You are age 59½ or older
- You become disabled or have passed away
What You Should Know About Converting Costs
You can convert a Traditional IRA to a Roth IRA at any time. You must note that when you convert to a Roth IRA, you must pay income tax on the otherwise taxable amount of the transfer. To maximize the benefits of conversion, the money to pay those taxes should come from a source outside the Traditional IRA you are converting. You may convert your Traditional IRA over several years to manage the tax consequences.