Q & A: Roth IRAs

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Q & A: Roth IRAs
Q: Are my Roth IRA contributions deductible?
A: No, Roth IRA contributions are never deductible.
Q: Are Roth IRA owners required to take distributions (RMDs) once they turn 70½?
A: No, RMD rules only apply to Roth IRA beneficiaries.
Q: If I have a Roth IRA, are all of my distributions automatically tax and penalty free?
A: No, only qualified Roth distributions are tax and penalty free. There are circumstances where there may be income tax due or an early distribution penalty. The following chart contains a simplified overview of Roth IRA distributions:

If you have questions about your Roth IRA, contact your tax professional or local retirement specialist for assistance!

 

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