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Roth IRA
The advantages of the Roth IRA are many.
The Roth IRA may be right for you if:
- You want tax-free earnings growth
- You are single and your modified adjusted gross income (MAGI) is less than $120,000 ($177,000 for married filing jointly) for 2010. For 2011, the income limits will be $122,000 ($179,000 for married filing jointly)
- You want tax-free distribution and are willing to forego tax-deductible contributions
Features
- Must contribute earned income
- Contributions are not tax-deductible
- No mandatory age for distribution or to open account
- Earnings tax-free after age 59½ and 5-year holding period
- Funds can be passed on to your heirs tax free
- Penalty-free distribution after five years for first home purchase or non-qualified educational expenses
Account Disclosure (PDF)
Schedule of Fees (PDF)
Equal Housing Lender