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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:
For 2009
- Up to $105,000 (single filers)
- Up to $166,000 (joint filers)
- Reduced contributions allowed for higher incomes (up to $119,000 for single filers and $175,999 for joint filers)
Contribution Limits:
- $5,000 for 2009
- 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Roth IRA Tax Advantages: Regular contributions can be withdrawn tax- and penalty-free at any time. After the account has been open five tax years, earnings can be withdrawn tax- and penalty-free for any of these reasons: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Restrictions/Penalties Under the Following Conditions: Earnings are tax-free if account is open for five tax years and withdrawn for a qualified reason (same as noted under “Roth IRA Tax Advantages” above).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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