Waldo State Bank Roth IRAs

Roth IRA

What are the benefits of a Roth IRA?

  • Tax-deferred, and possible tax-free earnings.
  • Tax-free withdrawals of qualified distributions.
  • Tax credit, if eligible.

Who is eligible to contribute to a Roth IRA?

  • Roth IRA Owners must have eligible compensation (generally earned income) to contribute to Roth IRAs. In addition, Roth IRA owners whose income exceeds certain government-defined limits are not eligible. These requirements do not apply to rollover, transfer, and conversion contributions.

Are distributions from a Roth IRA ever required?

  • Roth IRA owners are not required to take distributions from their Roth IRAs.

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