Roth IRA

E412548

A Roth IRA is a U.S. individual retirement account that allows after-tax contributions to grow tax-free, with qualified withdrawals in retirement also being tax-free.

All labels observed (4)

How this entity was disambiguated

Statements (51)

Predicate Object
instanceOf individual retirement account ⓘ
tax-advantaged retirement account ⓘ
accountOwner individual ⓘ
administeredBy Internal Revenue Service ⓘ
allowsCatchUpContributions yes ⓘ
allowsEarlyWithdrawalsOfContributions yes ⓘ
beneficiaryDesignationAllowed yes ⓘ
canBeConvertedFrom traditional IRA ⓘ
canBeInvestedIn ETFs ⓘ
bonds ⓘ
certificates of deposit ⓘ
money market funds ⓘ
mutual funds ⓘ
stocks ⓘ
canBeSelfDirected yes ⓘ
catchUpEligibilityAge 50 ⓘ
contributionLimitVariesBy age ⓘ
tax year ⓘ
contributionType after-tax contributions ⓘ
conversionTaxTreatment converted pre-tax amounts are taxable ⓘ
country United States ⓘ
createdByAct Taxpayer Relief Act of 1997 ⓘ
currency U.S. dollar ⓘ
linked to: US dollar
earlyWithdrawalOfContributionsPenalty no 10% penalty on contributions ⓘ
earlyWithdrawalOfContributionsTax generally tax-free ⓘ
earlyWithdrawalOfEarningsPenalty may incur 10% penalty ⓘ
earlyWithdrawalOfEarningsTax generally taxable if not qualified ⓘ
eligibilityBasis earned income ⓘ
eligibilityRestrictedBy modified adjusted gross income ⓘ
governedBy Internal Revenue Code section 408A ⓘ
hasContributionLimit yes ⓘ
hasIncomeLimit yes ⓘ
introducedIn 1997 ⓘ
legislatedBy U.S. Congress ⓘ
namedAfter William Roth ⓘ
ownerMustHaveCompensation yes ⓘ
penaltyExceptionsInclude certain medical expenses ⓘ
disability ⓘ
first-time home purchase ⓘ
qualified education expenses ⓘ
substantially equal periodic payments ⓘ
primaryGoal tax-free income in retirement ⓘ
qualifiedDistributionRequiresAge 59½ ⓘ
qualifiedDistributionRequiresHoldingPeriod 5 years ⓘ
RMDsDuringOwnerLifetime not required ⓘ
spousalIRAAllowed yes ⓘ
spousalIRACondition married filing jointly ⓘ
subjectToRequiredMinimumDistributions no ⓘ
taxTreatmentOfContributions not tax-deductible ⓘ
taxTreatmentOfEarnings tax-free growth ⓘ
taxTreatmentOfQualifiedWithdrawals tax-free ⓘ

How these facts were elicited

Referenced by (5)

Full triples — surface form annotated when it differs from this entity's canonical label.

MyRA retirement savings initiative → relatedTo → Roth individual retirement account ⓘ
linked to: Roth IRA
William Roth → notableWork → Roth Individual Retirement Account legislation ⓘ
linked to: Roth IRA
Taxpayer Relief Act of 1997 → createdAccountType → Roth Individual Retirement Arrangement ⓘ
linked to: Roth IRA