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What are the contribution limits for Roth IRAs?

April 26, 2017contribution limits roth iras

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What are the contribution limits for Roth IRAs?

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Qualified Roth IRA owners are permitted to contribute $5,000 in the tax year 2008. This amount will stay the same for 2009. Additional catch-up contributions can be made by qualified individuals who are over age fifty.

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Qualified Roth IRA owners are permitted to contribute $5,000 in tax years 2008 and 2009. Additional catch-up contributions can be made by qualified individuals over the age of fifty. Is my Roth IRA contribution tax deductible? No, contributions to a Roth IRA are not tax deductible. Are distributions from a Roth IRA tax free? “Qualified Roth IRA distributions” may be withdrawn tax and penalty free. “Non-qualified” distributions may be taxable and subject to an IRS 10% early distribution penalty. When can I / must I take a distribution from a Roth IRA? You may withdraw your contributions to your Roth IRA at any time. “Non-qualified” distributions may be taxable and subject to an IRS 10% early distribution penalty. You are never required to take a distribution from your account at any age. SEP / Simple IRAs What is a Simplified Employee Pension (SEP) IRA? A SEP IRA is a retirement plan designed to benefit self-employed individuals and small business owners. Sole proprietorships, S and C c