I teach/consult to financial, tax, and legal professionals about the tax laws that govern IRAs and employer plans. Denise Appleby
2 CE Credits
A Roth IRA has certain tax characteristics that incentivize eligible taxpayers to establish and fund their own Roth IRAs whenever possible. Unlike a traditional IRA, contributions to Roth IRAs are never deductible. However if an individual satisfies certain requirements, qualified distributions from a Roth IRA are tax-free. An eligible individual can make contributions to his or her Roth IRA after age 70 ½ as, unlike traditional IRAs there is no age limit for making regular contributions. Additionally, the owner can leave amounts in his or her Roth IRA as long as he or she is alive without taking any distributions, as Roth IRA owners are not subject to the required minimum distribution (RMD) rules that apply to traditional IRAs. Although non-spouse beneficiaries of Roth IRAs must take RMDs, such distributions are not taxable if qualified; and only the earnings are taxable if the distribution is nonqualified.
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