What is a Roth Individual Retirement Account (Roth IRA)?

A Roth IRA is a type of tax-preferred savings and investment account authorized by Internal Revenue Code section 408A. The Taxpayer Relief Act of 1997 created the Roth IRA.

What is the basic concept of the Roth IRA?

If you are eligible, you may make contributions, within limits, to the Roth IRA. You make these contributions with after-tax dollars. That is, there is no tax deduction up front for the contribution. The earnings realized by the Roth IRA are not presently taxed, and if certain distribution rules are met, will never be taxed.

Am I eligible to contribute to a Roth IRA?

You are eligible for a Roth IRA if you satisfy the following three requirements: (1) you must have earned income or compensation; (2) you meet certain income limitations; and (3) if you are married, you must file a joint income tax return. Be aware that you are eligible to make contributions to a Roth IRA, but still be eligible to contribute to a regular IRA and/or the Education IRA. You may also be eligible to roll over funds from your regular IRA.

How do I start my Roth IRA?

Just come in and talk with us or give us a call. We will be happy to discuss the benefits of the Roth IRA with you and explain our investment options.

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