Advantages of Direct Deposit

Roth IRAs

Roth IRAs are available to anyone who receives income compensation, or is filing jointly with a spouse who earns compensation. Some income limitations apply to Roth IRAs with regard to maximum contributions. Regular contributions can be withdrawn tax and penalty-free at any time. After the account has been open for five tax years, earnings can be withdrawn tax and penalty-free for any of these reasons: age 591/2, disability, death, or a first-time home purchase.

 

Roth IRA
Who can contribute? You are eligible if you earn compensation and your MAGI* is less than the defined limits set by Congress.  If your MAGI is too high to contribute the annual contribution limit, you may be able to make a smaller contribution.
 
How much can I contribute?

- You may be able to contribute up to $5,000
- For owners age 50 and older, you may be able to contribute up to $6,000
- Cannot exceed compensation
- Reduces contributions that can be made to traditional IRAs

Who can make deductible contributions? No one can deduct contributions.
What are the tax advantages? Regular contributions can be withdrawn tax- and penalty-free at any time.
After the account has been open five tax years, earnings can be withdrawn tax- and penalty-free for any of these reasons: age 591/2, disability, death, or a first-time home purchase.**
When can I withdraw without restrictions? Earnings are tax-free if account is open for five tax years and withdrawn for a qualified reason (age 591/2, disability, death, or a fist-time home purchase**)
Not required to start withdrawals at age 701/2

NMLS# 808257

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