Roth IRAs

While contributions to a Roth IRA* are not tax deductible, withdrawals are tax free if certain conditions are met. For 2013, the maximum contribution is $5,500 ($6,500 is you are age 50 or older).

Withdrawals from a Roth IRA are tax and penalty free if the account owner is at least 59½ years old and the account has been held at least five years. Withdrawals from a Roth IRA are also tax and penalty free under these circumstances:

• The distribution is due to total disability and the account has been held at least five years.
• The distribution is for a qualified first-time home purchase and the account has been held at least five years.
• The distribution is to a beneficiary after the owner's death and the account has been held at least five years.

Unlike the Traditional IRA there is no requirement that withdrawals be started at age 70½.

Eligibility to open a Roth IRA is based on income:

Filing Status	Modified Adjusted Gross Income	Eligibility
Single	Less than $112,000	Full contribution
	$112,000 to $126,999	Partial contribution
	$127,000 or more	No contribution
Married, filing jointly	Less than $178,000	Full contribution
	$178,000 to $187,999	Partial contribution
	$188,000 or more	No contribution
Married, filing separately	Less than $10,000	Partial contribution
	$10,000 or more	No contribution

*Life insurance and annuity products are not available in New York. Refer to our Disclaimer for additional information.

 

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