Statements (54)
| Predicate | Object |
|---|---|
| gptkbp:instance_of |
gptkb:urban_area
|
| gptkbp:account_fees |
may have management fees
|
| gptkbp:beneficiary |
can name beneficiaries for tax-free transfer
|
| gptkbp:benefits |
provides tax benefits for retirement savings
|
| gptkbp:catch_up_contributions |
allowed for individuals aged 50 and over
|
| gptkbp:contribution_eligibility |
phased out at higher income levels
|
| gptkbp:conversion_options |
can convert from traditional IRA
|
| gptkbp:created_by |
gptkb:William_Roth
|
| gptkbp:eligible_contributors |
individuals with earned income
|
| gptkbp:features |
can be managed online
|
| gptkbp:financial_security |
contributes to financial security in retirement
|
| gptkbp:financials |
offered by banks
important for effective use offered by brokerage firms offered by credit unions used for retirement savings |
| gptkbp:foreign_income |
foreign income may affect eligibility
|
| gptkbp:funding |
$6,000
$7,000 for age 50 and over |
| gptkbp:future_goals |
helps achieve long-term financial goals
|
| gptkbp:has_diversity_initiatives |
encourages investment diversification
|
| https://www.w3.org/2000/01/rdf-schema#label |
Roth IRA
|
| gptkbp:impact_on_taxes |
contributions are not tax-deductible
non-qualified distributions may be taxable qualified distributions are tax-free |
| gptkbp:income_limit |
$140,000 for single filers
$208,000 for married couples filing jointly |
| gptkbp:introduced_in |
gptkb:1997
|
| gptkbp:investment |
stocks
ETFs mutual funds bonds grows tax-free subject to market risks |
| gptkbp:legacy_planning |
can be passed to heirs tax-free
|
| gptkbp:membership |
one of several types of IRAs
|
| gptkbp:mentor |
often recommended by financial advisors
|
| gptkbp:penalty_for_early_withdrawal |
10% penalty on earnings if withdrawn before age 59½
|
| gptkbp:regulatory_compliance |
subject to IRS regulations
|
| gptkbp:required_minimum_distributions |
not required during the account holder's lifetime
|
| gptkbp:retirement |
integral part of retirement planning
|
| gptkbp:retirement_year |
beneficial for retirement age planning
|
| gptkbp:rollover_options |
can be rolled over from traditional IRA
|
| gptkbp:self_directed_options |
can be self-directed
|
| gptkbp:state_tax_treatment |
varies by state
|
| gptkbp:submission_deadline |
April 15 of the following year
|
| gptkbp:type_of |
tax-free withdrawals
|
| gptkbp:withdrawal_conditions |
must meet certain conditions for tax-free withdrawals
|
| gptkbp:withdrawal_flexibility |
more flexible than traditional IRA
|
| gptkbp:withdrawal_rules |
contributions can be withdrawn anytime
earnings can be withdrawn tax-free after age 59½ |
| gptkbp:withdrawal_strategies |
strategies vary by individual goals
|
| gptkbp:bfsParent |
gptkb:IRA
|
| gptkbp:bfsLayer |
5
|