ROTH IRA
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 In addition, the contributed funds can be withdrawn any time you wish and there are no required minimum distributions after age 70½.
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Withdrawals of your contributions to a Roth IRA are tax-free anytime. However, withdrawals of earnings are only free from federal income tax, provided they meet the following requirements:
- 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
May 14, 2017
Retirement Planning
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