Roth IRA

The following information is provided by IRS.gov

A Roth IRA is an IRA that, except as explained below, is subject to the rules that apply to a traditional IRA.

You cannot deduct contributions to a Roth IRA.

  • If you satisfy the requirements, qualified distributions are tax-free.
  • You can make contributions to your Roth IRA after you reach age 70 ½.
  • You can leave amounts in your Roth IRA as long as you live.
  • The account or annuity must be designated as a Roth IRA when it is set up.
  • The same combined contribution limit applies to all of your Roth and traditional IRAs.

Limits on Roth IRA contributions based on modified AGI

Your Roth IRA contribution might be limited based on your filing status and income.

2017 – Amount of Roth IRA Contributions You Can Make for 2017
2016 – Amount of Roth IRA Contributions You Can Make for 2016

Additional resources