Roth IRAs

While contributions to a Roth IRA* are not tax deductible, withdrawals are tax free if certain conditions are met.

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 if 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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