Annual Contribution Limit:
- The lesser of your taxable compensation or $5,500
- ($6,500 if age 50 or older)
Contribution Deadline:
- April 15th
Contribution Age Limit:
- None
Contribution Eligibility:
- Up to the maximum is permitted if filing:
- Single and MAGI is $117,000 or less
- Married filing jointly and MAGI is $184,000 or less
- No contribution permitted if filing:
- Single and MAGI exceeds $132,000
- Married filing jointly and MAGI exceeds $194,000
- *If married filing separately a reduced contribution limit applies but there is no contribution permitted if MAGI exceeds $10,000
Deduction Limits:
- Roth IRA contributions are not deductible
Taxes on Distributions:
- Qualified distributions are tax-free and penalty free
RMDs:
- Required minimum distribution rules only apply to Roth beneficiaries