A ROTH IRA is an IRA that, except for the topics below, is subject to the rules that apply to a traditional IRA.
- Contributions cannot be deducted for a Roth IRA.
- If you meet the requirements, qualified distributions are tax-free.
- If you are age 70 1/2 you will not be able to make contributions to your ROTH IRA.
- Money contrubuted to the ROTH IRA can be left in account for your life-time
- When setting up an account you must specify it as a ROTH IRA account.
Figuring out what a Roth IRA is!
With all the information out their about Roth IRA's some one should be able to explain what a Roth IRA does and how it earns you money. On this site you will find all of the following topics:
- Retirement Roth Contributions
- Designated Roth Accounts
- Distributions from Designated Roth Accounts
- Rollovers of Designated Roth Contributions
- Reporting & Recordkeeping Requirements for Designated Roth Accounts
- Miscellaneous information that is helpful
If thier is any information that you would like to have added to this site please contact me and let me know. This site is you everyone that wants to retire some day. Dont't forget, "The more we envest while we are working the earlier we can retire and go to the places we have all ways wanted to."
Retirment Roth Contributions
With a designated Roth contribution, the employer deposits the employee's irrevocably designated after-tax deferral into a designated Roth account.
Designated Roth IRA Account
A designated Roth account is a plan in which an employer allocats an employee's designated Roth contributions and their gains and losses in a separate 401(k) or 403(b) plan.
Distributions from Roth Accounts
After a 5-taxable-year-period of perticipation generaly qualifies that a distripution can be made.