A Roth IRA lets you make a non-deductible contribution. Since you have already paid taxes on the income, you do not receive any tax deduction for the contribution. However, you do benefit by the growth of your assets and do not have to pay any taxes when you take a distribution from the Roth IRA.
The Roth IRA was established by the Taxpayer Relief Act of 1997. Once the five-year aging period has been met, you may qualify to take distributions from the account tax-free!
Some of the advantages of the Roth are:
- Direct contributions to the account may be withdrawn tax-free anytime
- Investment earnings grow tax-free
- After an aging period, you may be able to withdraw funds and earnings completely tax-free
- You may convert your current Traditional IRA to a Roth regardless of your income
- There is no required distributions based on age
Eligible participants may contribute the following amounts:
|Under age 50||Over age 50|
|Tax Year 2012||$5,000||$6,000|
|Tax year 2013||$5,500||
To open your Roth IRA with The Kingdom Trust Company you can choose one of the two options below:
Once you are ready to make a purchase through your IRA, you will need to complete one of the following Processing Checklist:
- Processing Check List for General Investments
- Processing Check List for Promissory Notes
- Processing Check List for Private Equity
- Processing Check List for Real Estate
- Processing Check List for Precious Metals
If you have questions or need assistance, please contact us at firstname.lastname@example.org or call our representatives at 888-753-6972.