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IRA Roth & Roth Conversions

The Roth IRA, unlike a Traditional IRA, uses after-tax dollars for retirement purposes. The major benefit here is that all principle and interest earned is paid out tax-free upon distribution. The IRS allows a maximum contribution of $5000 per year per individual, but this amount is subject to change from year to year. The money contributed to the Roth IRA also grows tax-deferred. Once a Roth IRA has been established, the funds cannot be distributed without penalty for the first five years.

As a result of federal legislation passed in December of 2000, to be eligible to contribute to a Roth IRA, your Adjusted Gross Income had to be under $95,000 for singles and $150,000 for married couples. Beginning January 2010, new legislation now allows anyone, regardless of income level, to participate in the Roth IRA plan!

Any individuals holding Traditional IRAs should consider the benefits of a Roth IRA conversion in 2010. Talk to a Promark retirement specialist to see how a Roth IRA could benefit you.

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