Roth IRA Cheat Sheet for 2017

Annual Contribution Limit: The lesser of your taxable compensation or $5,500 ($6,500 if age 50 or older)
Contribution Age Limit: None
Contribution Eligibility:

Up to the maximum is permitted if filing:

  • Single and MAGI is $118,000 or less
  • Married filing jointly and MAGI is $186,000 or less

No contribution permitted if filing:

  • Single and MAGI exceeds $133,000
  • Married filing jointly and MAGI exceeds $196,000

*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

More Updates

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CRDS AND ROTH CONVERSIONS – ABUSE OF THE RULES?

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