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Roth IRAs

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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Roth IRA Tax Advantages: Regular contributions can be withdrawn tax- and penalty-free at any time. After the account has been open five tax years, earnings can be withdrawn tax- and penalty-free for any of these reasons: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Restrictions/Penalties Under the Following Conditions: Earnings are tax-free if account is open for five tax years and withdrawn for a qualified reason (same as noted under “Roth IRA Tax Advantages” above).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).

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