|
gptkbp:instanceOf
|
gptkb:financial_services_company
Individual Retirement Account
|
|
gptkbp:benefit
|
tax-free growth
tax-free withdrawals in retirement
|
|
gptkbp:catchUpContributionLimit2024
|
$8,000
|
|
gptkbp:contribution
|
individual contributions
|
|
gptkbp:contributionDeadline
|
tax filing deadline
|
|
gptkbp:contributionLimit2024
|
$7,000
|
|
gptkbp:countryOfOrigin
|
gptkb:United_States
|
|
gptkbp:eligibility
|
based on modified adjusted gross income
|
|
gptkbp:governingBody
|
gptkb:Internal_Revenue_Service
|
|
https://www.w3.org/2000/01/rdf-schema#label
|
Roth IRA
|
|
gptkbp:incomeLimit2024
|
$146,000 (single filers)
$230,000 (married filing jointly)
|
|
gptkbp:introducedIn
|
1997
|
|
gptkbp:investedIn
|
bonds
mutual funds
stocks
ETFs
CDs
real estate (self-directed)
|
|
gptkbp:legislature
|
gptkb:Taxpayer_Relief_Act_of_1997
|
|
gptkbp:namedAfter
|
William Roth
|
|
gptkbp:penaltyForEarlyWithdrawal
|
10% penalty may apply
|
|
gptkbp:purpose
|
retirement savings
|
|
gptkbp:requiredMinimumDistributions
|
not required for original owner
|
|
gptkbp:rolloverAllowed
|
from other retirement accounts
|
|
gptkbp:spousalIRA
|
allowed
|
|
gptkbp:taxStatus
|
contributions are made with after-tax dollars
qualified withdrawals are tax-free
|
|
gptkbp:website
|
https://www.irs.gov/retirement-plans/roth-iras
|
|
gptkbp:withdrawalAge
|
59½
|
|
gptkbp:bfsParent
|
gptkb:IRS_Form_8606
gptkb:Senator_William_Roth
gptkb:SoFi_Invest
gptkb:Taxpayer_Relief_Act_of_1997
gptkb:M1_Finance
gptkb:Schwab_Intelligent_Portfolios
|
|
gptkbp:bfsLayer
|
6
|