Roth IRA
Hold it for five years and withdraw funds tax-free for certain distribution reasons like education costs or if you’re a first-time home buyer.
Contribution limits for 2010 are as follows:
- Age 49 and under: $5,000
- Age 50 and above: $5,000 + $1,000 catch-up contribution
Key Features
- Earnings taxed the year they are earned
- Not taxed at withdrawal
- Not required to begin taking distributions at age 70 1/2
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