Tax Free Retirement

Roth IRA
Roth 401(k)
Life Insurance

Roth IRA - 2020 and 2021
Saturday, 06 March 2021 11:14

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.

Additional resources

Details about Roth IRAs are contained in Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs) and Publication 590-B, Distributions from Individual Retirement Arrangements (IRAs) and include:

  • Setting up your Roth IRA;
  • Contributions to your Roth IRA; and
  • Distributions (withdrawals) from your Roth IRA.

Differences Between Roth IRAs and Designated Roth Accounts

Individual Retirement Arrangements (IRAs)

For more information, or for help setting up a new Roth IRA, or converting an IRA to a Roth IRA, call (800) 680-5596 or complete the form below: