You may pay ordinary income tax on the earnings, but this tax-free growth is generally not affected by income tax. When you withdraw money from the account in later years your withdrawal can be subject to a 10% early withdrawal penalty. The earnings you put into the account and on the money your Roth IRA collects and pays are not taxable as income but are not deductible. When your Roth IRA reaches the age of 71½ years after you die the withdrawals are subject to taxes and penalties up to the amount accumulated in the account. If you withdraw more than the amount in your Roth IRA, you must pay a 10% early withdrawal penalty. You may contribute any amount you choose up to the annual contribution limit for a tax year. For example, if your contribution limit is 3,000 for 2018, you may continue to contribute 1,500 as long as you do not exceed the contribution limit.3 You may withdraw up to 1,000 a year without a penalty but will have to pay the IRS a 10% early withdrawal penalty if you withdraw more than the 1,000 the year. It may be better to withdraw the funds immediately, but it is always possible to do this. Roth IRA2 You may contribute any amount up to the annual contribution limit for a tax year. Also, contributions for taxable years can be made from the same account you used to fund the taxable year. You may continue to make contributions from the same retirement account you held the funds in the previous year. Withdrawals may be made from the same account you used to fund the taxable year. The earnings you put into the Roth IRA and on the money your Roth IRA collects and pays, are not tax-free but are not deductible. You will be subject to a 10% early withdrawal penalty. You may withdraw from the first year you open and maintain a Roth IRA only up to the account balance at the time of withdrawal. In addition, all withdrawals after you reach 55 years old and are no longer subject to Social Security (FICA) taxes are tax-free but the total amount you may withdraw is taxed as a capital gain.4 If you die before the end of the tax year then you might be able to take a penalty-free withdrawal of the full amount of your contributions and earnings. However, you will be taxed on the entire amount withdrawn and the earnings you put in the Roth IRA are not tax-free.5 However, you may make Roth IRA contributions for prior year contributions or have them rolled over.
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I R A A P P L I C AT I O N I N S T R U C T I O N S This section is designed to assist you in completing the IRA Application. Please note that an IRA Application is required for each type of IRA you
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