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New York - The Roth IRA is a non-deductible tax-free IRA. It may be funded solely with after-tax or nondeductible contributions. Currently, individuals who earn less than $95,000 and married taxpayers who earn less than $150,000 can contribute the maximum contribution. The following are the key characteristics of the Roth IRA
  • There are no tax deductions allowed for contributions

  • Income accumulates tax-free in the account

  • Future retirement distributes are tax-free

  • Roth IRA proceeds can be left to heirs tax-free

  • Only $2,000 can be invested in an one particular IRA

  • Contributions can be made beyond age 70 1/2

  • No distributions are required after 70 1/2 but are required after death

  • Rollovers are permitted from one Roth IRA to a non-Roth IRA

Distributions from a Roth IRA are non-taxable if made at least five years after the first taxable year in which a contribution was made, or if after age 59 1/2, or after death, or on the account of disability, or for qualified first-home purchases.

In general, many financial advisers believe that for most persons, all new IRA contributions should go into a Roth IRA relative to a regular IRA. The difference is that withdrawals are tax-free rather than taxable (if the money has been in the account for five years and you are over 59 1/2 at the of withdrawal of if the money is used for qualified reasons). Regular IRA contributions are subject to the traditional IRA distribution. This is true even if you are allowed to deduct IRA contributions from your taxable income.

Eligibility for a ROTH IRA is based on annual gross income. An independent Fee-Only financial adviser can help you determine if a ROTH is appropriate for you.  

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