Contributions are never deductible.
Earnings can grow tax-free.
Contributions can generally be distributed tax-free at any time.
Earnings can be distributed tax-free if the Roth IRA holder first made a Roth IRA contribution at least five years ago AND one of the following events occurs:
- attaining age 59 1⁄2.
- Incurring a disability.
- Purchasing a first home.
- Death (payments to beneficiaries).
Distributions are not required to be taken by Roth IRA holders at age 70 1⁄2.
Roth IRA Rushford State Bank