Before age 59 ˝, unless deceased, disabled, taking pre 59 ˝ periodic payments, paying qualified medical expenses, health insurance premiums for unemployed, first-home purchase, or educational expenses.
When must distributions begin?
age 70 ˝
Roth IRA
What are the age restrictions for contributions?
NONE
What are the income limits for contributions?
Single filers: under $110,000 Married couples filing jointly: under $160,000
What is the contribution limit?
$4,000 per year (minus traditional IRA contributions)
What is the deadline for contributions?
Tax return deadline for the year
When can earnings be withdrawn tax free?
If both 5 year and qualified-reason tests are met
When does the 10% early withdrawal penalty apply?
Before age 59 ˝, unless deceased, disabled, taking pre 59 ˝ periodic payments, paying qualified medical expenses, health insurance premiums for unemployed, first-home purchase, or educational expenses.
When must distributions begin?
At owner's death
Education IRA
What are the age restrictions for contributions?
Designated beneficiary must be under 18
What are the income limits for contributions?
Individual filers: under $110,000 Married couples filing jointly: under $160,000
What is the contribution limit?
$500 per year (in addition to traditional/Roth IRA contributions)
What is the deadline for contributions?
December 31 of the year
When can earnings be withdrawn tax free?
Before age 30 if used to pay higher-education expenses for designated beneficiary
When does the 10% early withdrawal penalty apply?
If not used for designated beneficiary's education, unless designated beneficiary is disabled or deceased, or to the extent of the scholarship