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


For trusts that inherited an IRA in 2019, an important deadline is approaching. The due date to provide required trust documentation to the IRA custodian to ensure that the longest payout period possible is available for the inherited IRA is October 31, 2020. Generally, only individuals who are named on an IRA beneficiary form can

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The coronavirus-related distribution (CRD) rules for Roth conversions have a gaping hole. An “affected person” (as we have defined in previous blogs), is entitled under the CARES Act to withdraw up to $100,000 from their IRA or workplace retirement plan. A CRD avoids the 10% early distribution penalty for those under 59 1/2, can be

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Rolling Over an RMD

Like most people’s lives, the retirement world is upside down. This is made evident by a single statement: “Required minimum distributions (RMDs) can be rolled over.” Yes, that is the new normal—at least for this year. RMDs are considered the first money out of an IRA and workplace plan. Typically, these dollars are ineligible to

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