Who can contribute?
Anyone who has income from compensation (or who is filing jointly with a spouse who earns compensation)
Certain income limits apply - Always talk to your tax advisor for your specific limits.
How much can I contribute?
Maximum amounts are combined with both traditional and Roth Ira’s
$6,000 per year - subject to MAGI limits
Regular contributions can be withdrawn tax and penalty free at any time.
After the account has been open for five tax years, earnings can be withdrawn tax and penalty free for any of these reasons-59 ½, disability, death, or first time home purchase.*(*Lifetime limit for exemption on first-time home purchase is $10,000)
Earnings and conversion contributions can be withdrawn penalty free for the same reasons as those for penalty-free withdrawals from traditional IRA’s (withdrawal may be subject to tax)RATES