|
Return to IRAs
Who Can Contribute: Anyone who has income from compensation (or who is filing jointly with a spouse who earns compensation) with the following modified adjusted gross income:
- Up to $101,000 (single filers)
- Up to $159,000 (joint filers)
- Reduced contributions allowed for higher incomes (up to $116,000 for single filers and $169,000 for joint filers)
Contribution Limits:
- $4,000 for 2007
- $5,000 for 2008
- For members 50 or older - $1,000 catch-up contribution
- Cannot exceed compensation
- Reduced by contributions to Traditional IRAs
Tax-Deductible Contributions: No contributions are deductible with a Roth IRA.
Roth IRA Tax Advantages: Regular contributions can be withdrawn tax- and penalty-free at any time. After the account has been open five tax years, earnings can be withdrawn tax- and penalty-free for any of these reasons:
- Reach the age of 59½
- Disability
- Death
- First-time home purchase (restrictions apply)
Withdraw Funds Without Restrictions/Penalties Under the Following Conditions: Earnings are tax-free if account is open for five tax years and withdrawn for a qualified reason (same as noted under “Roth IRA Tax Advantages” above). Also, there is no requirement that you start withdrawals at age 70½.
Application
Print the form, fill it out, and send it to the Retirement Center address (bottom of the page, under Contact the Retirement Center).
return to top
|
