2020 IRA Contributions & Deductions Infographic
Infographic summarizing IRS contribution limits and catch up provisions for retirement accounts
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Created in 1997 by Senator Roth of Delaware, contributions are made with after-tax dollars and are NOT tax-deductible. All funds within the Roth IRA compound tax-free and all withdrawals from the account are also tax-free (as long as the account owner is 59½ and the account has been opened for five years).
One of the benefits of a Roth IRA is that there is no required minimum distribution (RMD). Individuals may contribute as long as they have earned income and meet the modified adjusted gross income criteria. All withdrawals continue to be tax-free (if the account has been open for at least five years).
Anyone who has earned income and falls within the MAGI (Modified Adjusted Gross Income) limits established by the Internal Revenue Service can establish a Roth IRA.
Grow your retirement account over time tax-deferred and distributions are tax-free, once certain eligibility requirements are met. There are no yearly tax-deductions with a Roth IRA.
IRA Contribution Limits, Catch Up Provisions and Contribution Deadlines
Infographic summarizing IRS contribution limits and catch up provisions for retirement accounts
LEARN MORE