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Love and associates are experts in Tax Resolution Services - Bookkeeping Services to Personal Financial PlanningLove and associates are experts in Tax Resolution Services - Bookkeeping Services to Personal Financial Planning

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Roth IRAs

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

 

2013 – Amount of Roth IRA Contributions You Can Make for 2013

2014 – Amount of Roth IRA Contributions You Can Make for 2014

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.

Additional resources

 

  Details about Roth IRAs are contained in Publication 590, 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)

See Individual Retirement Arrangements (IRAs) (Publication 590) for detailed information on IRAs and IRA transactions.

Limits on Roth IRA contributions based on modified AGI