Roth IRA & New Retirement Savings Options

Roth IRA - Too Good to Pass Up. A new type of tax-free, non-deductible IRA was created, called a "Roth IRA" (named after Senator Roth). The Roth IRA allows taxpayers to put money away, and although the contributions can't be deducted, any earnings on the account are tax-free. In addition, the money is not taxed when withdrawn, as long as the withdrawal is made more than 5 years after the IRA has been established and is made on or after age 59 1/2, or on or after death or disability, or for first-time home buyer expenses (up to $10,000). This IRA's availability starts phasing out for individuals with AGI over $95,000 and for married couples with AGI over $150,000. If you're reading this, you already know there are a gazillion sites offering all kinds of information and calculators on the Roth IRA. If you'd like a free one-on-one consultation with a CPA and experienced investment manager, navigate to my home page, check out my credentials on the tax tips page, and drop me an email. We can work together to be sure you make the right decision!