IRA Certificates

Roth IRA

The Roth IRA was named after former Senate Finance Committee Chairman William Roth. While Roth IRA contributions are not tax-deductible, there is a potentially greater tax benefits. All contributions and earnings left in the Roth IRA for at least five years and withdrawn after age 59 will not be taxed, no matter what your tax bracket or income level. And, unlike the Traditional IRA, you do not have to start withdrawing money when you reach age 70.

You may qualify to contribute up to $4,000 per year to a Roth IRA if your total income does not exceed $110,000 if you are single or $160,000 if you are married and filing a joint tax return. If you are age 50 or older, you may contribute an additional $1,000 in 2007 under the catch-up provision.

Roth IRA Features:
  • Contribution limits - 100% of your Annual Gross Income or $4,000 in 2007, or $5,000 in 2008, whichever amount is less
  • Additional IRA catch-up contributions of $1,000 per year in 2007 will be allowed for those age 50 or older

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