Roth IRA Accounts may offer greater tax savings and withdrawal flexibility than a Traditional IRA.
The Setting Every Community Up for Retirement Enhancement Act (SECURE Act) was signed into law on December 20, 2019 and many of of its provisions took effect on January 1, 2020.
Learn more about the provisions of the SECURE Act 2020.
Roth IRA Accounts may offer greater tax savings and withdrawal flexibility than a Traditional IRA. Both Contributory and Conversion plans are available.
While Roth IRA contributions are not tax-deductible, contributions and earnings can be withdrawn tax-free on qualified distributions.
Roth IRA Accounts have no mandatory annual distribution requirements and you can contribute beyond age 70½. Eligibility depends on income.
|Qualifications:||Must have earned income. There are no age restrictions.|
|Maximum Contributions:||2020: $6,000, plus $1,000 "catch-up" contribution (if age 50 or over during the year)
2019: $6,000, plus $1,000 "catch-up" contribution (if age 50 or over during the year)
|2019 Contribution Deadline:||April 15, 2020|
|Tax Status of Earnings:||Earnings grow tax-deferred. Tax-free on qualified withdrawals.|
Yes, 2020 contributions phase out between $124,000 - $139,000 for singles and $196,000 - $206,000 for married couples filing jointly. Married filing separate phase-out: $0 - $10,000
Yes, 2019 contributions phase out between $122,000 - $137,000 for singles and $193,000 - $203,000 for married couples. Married filing separate phase-out: $0 - $10,000
|IRS Penalties for Early Withdrawal:||None if:
|Required Distributions:||Only after death of the participant|
|Contribution Age Limit:||None|
IRA / ESA Savings
APY (1.64% rate)
6-Month IRA / ESA
APY (1.69% rate)
1-Year IRA / ESA
APY (1.74% rate)
2-Year IRA / ESA
APY (1.79% rate)
Additional Roth IRA Information and Help
Traditional and Roth IRA Accounts are separately insured to $250,000 by the National Credit Union Administration, an agency of the United States Government. Coverdell Education Savings Accounts are insured under the same provisions as irrevocable trust accounts.