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Like traditional IRAs, withdrawals from Roth IRAs must generally be made after age 59½ to avoid a 10% tax penalty, although exceptions may apply such as for qualified educational expenses or a first-time home purchase. While Roth IRA contributions are nondeductible, qualified withdrawals are tax free. Note that an individual's total contributions to all IRAs - Roth and traditional - may not exceed $5,500 annually. Also, individuals aged 50 and older can make an additional catch-up contribution of $1,000 in 20. Contributions are limited to $5,500 a year in 20 ($11,000 for couples) and are made on an after-tax basis. Roth IRAs permit you to potentially avoid future taxation of earnings on your retirement funds by making nondeductible contributions now. Another alternative, available since 1998, is the Roth IRA. Retirement-conscious investors have long recognized the benefits of the traditional IRA. This article explains many features of the Roth IRA. The Roth IRA offers retirement investors potentially tax-free retirement distributions.
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