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Contributions to a Roth IRA are not tax deductible. Depending on an individual's tax filing status and modified adjusted gross income, allowable contributions to a Roth IRA may be less than the amounts shown below.
To qualify for tax-free and penalty-free withdrawal of earnings, a Roth IRA must satisfy a five-year holding period requirement and the distribution must take place after age 59½, or due to death, disability, or a first-time home purchase (up to $10,000 lifetime limit). Nonqualified withdrawals of earnings may be subject to income tax and possibly a 10% penalty tax. Special rules apply to amounts converted from a traditional IRA to a Roth IRA.
Prepared by Broadridge Investor Communication Solutions, Inc, Copyright 2011