Properties (48)
| Predicate | Object |
|---|---|
| gptkbp:instanceOf |
gptkb:Bank
|
| gptkbp:benefits |
Tax-free growth
Flexibility in withdrawals No age limit for contributions if income requirements are met Income limits for contributions No immediate tax deduction for contributions Potential tax implications on conversions |
| gptkbp:cancellationReason |
Qualified education expenses
First-time home purchase up to $10,000 |
| gptkbp:contribution |
April 15 of the following year
Earned income $6,000 per year $7,000 per year for individuals aged 50 and over Spousal contributions allowed |
| gptkbp:distribution |
No required minimum distributions during account holder's lifetime
|
| gptkbp:financial_aid |
Considered in financial aid calculations
Phase-out for modified AGI over $140,000 for single filers Phase-out for modified AGI over $208,000 for married couples filing jointly |
| gptkbp:food_options |
Available for more investment choices
Can_convert_traditional_IRA_to_Roth_IRA |
| gptkbp:growthRate |
Compounded tax-free
|
| gptkbp:historicalContext |
Introduced in 1997
|
| https://www.w3.org/2000/01/rdf-schema#label |
Roth IRAs
|
| gptkbp:investmentFocus |
Bonds
Stocks Mutual funds ETFs Used for estate planning Used for retirement income strategy Used for tax diversification |
| gptkbp:is_open_to |
Banks
Brokerages Credit unions Investment firms |
| gptkbp:is_popular_among |
High-income earners
Young investors Retirement planners |
| gptkbp:isBeneficialFor |
Can name beneficiaries for tax-free inheritance
|
| gptkbp:previousName |
gptkb:Senator_William_Roth
|
| gptkbp:rateOfFire |
10% penalty on earnings if withdrawn before age 59½
|
| gptkbp:revenue |
Taxed on converted amount in the year of conversion
|
| gptkbp:rollingStock |
Can be rolled over from traditional IRAs
|
| gptkbp:rules |
Contributions can be withdrawn anytime tax-free
Earnings can be withdrawn tax-free after age 59½ Account must be open for at least 5 years for tax-free earnings withdrawal |
| gptkbp:social_responsibility |
Tax-free withdrawals
|
| gptkbp:state |
Varies by state
|
| gptkbp:type |
Retirement savings account
|