john j bowman jr's guide to the roth ira
TRANSCRIPT
Roth IRA Made EasyJohn J Bowman Jr | Accountant
How it WorksA Roth IRA is a retirement plan
based on taxed contributions from
your bank account.
Rules ofthe Road
&Things to know
You can only contribute $5,500per year to a Roth IRA.
If you’re single, you must makeless than $114,000 annually tocontribute the full amount. Youalso must make less than
$129,000 annually to contributeat all.
If you’re married, you mustmake less than $181,000
annually to contribute the wholeamount. You also must makeless than $191,000 annually to
contribute at all.
After age 50, you can contributeup to $6,500 annually.
Bonus!Contributions can bewithdrawn at any time withoutpenalty, but you must haveheld the account for five years.
You can use funds early,including earnings, if you arebuying your first home. Thereis a $10,000 lifetime limit onthis type of withdrawal.
