Difference between revisions of "Roth IRA"

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(→‎External Links: one link was bad, and the others were to controversial letters to the editor from a guy whose website was taken down. I don't think that you can set up your own affiliated LLC to be custodian of your own IRA.)
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An '''Roth individual retirement arrangement''' ('''Roth IRA''') is a personal savings plan which allows one to [[investment|invest]] or set aside [[money]] for [[retirement]], while offering [[deferred tax]] / [[tax]] advantages. <ref>http://www.irs.gov/taxtopics/tc451.html</ref>
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#REDIRECT[[Individual retirement account]]
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The Roth retirement plan under US [[law]] that is generally not taxed, as long as certain conditions are met. The US tax law allows reduction in tax on a limited amount of [[saving]] for retirement. Roth IRA's main difference from the majority of tax advantaged retirement plans is that, instead of granting a [[tax break]] for money placed into the plan, the tax break is granted on the money withdrawn from the plan during retirement.
 
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"A Roth IRA is setup and funded by an individual; however, some employer/group plans can have Roth accounts.  A Roth is unique in that it is funded with after-[[tax]] [[dollar]]s, meaning the individual does not deduct the contribution from that year’s [[income tax]]es.  He or she pays income taxes on the dollars earned and then contributes to the Roth.  The benefit of this account type is that the distributions at retirement age are 100% tax-free. No income tax is claimed from the distribution."<ref>http://survivalblog.com/guest-post-self-directing-your-retirement-sheltering-the-fruits-of-your-labor-by-will-lehr Accessed December 8, 2014</ref>
 
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Roth IRAs can be contain [[investment]]s in [[securities]], most often [[common stock]]s and [[bond]]s, typically through [[mutual fund]]s. Roth IRAs also, less commonly, allow other investments, including [[real estate]], [[derivative]]s, notes, [[certificates of deposit]], and  are possible). Roth IRAs also allow [[annuity|annuities]] bought from a [[life insurance]] company.  In addition, under Internal Code Section 408(m)
 
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, both participant-directed accounts and IRAs '''cannot''' invest in collectibles, such as art, antiques, gems, coins, or alcoholic beverages, and they can invest in certain precious metals only if they meet specific requirements.
 
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==Further Reading==
 
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{{Cite book
 
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|last=* Bledsoe |first=John D.
 
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|title=Roth to Riches: The Ordinary to Roth IRA handbook
 
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|year=1998
 
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|publisher=Legacy Press
 
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|location=Dallas, TX
 
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|isbn=0-9629114-1-0
 
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|oclc=40158081}}
 
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{{Cite book
 
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|last=*Daryanani |first=Gobind
 
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|title= Roth IRA Book: An Investor's Guide: Including a Personal Interview with Senator William V. Roth, Jr. (R-De), Chairman, U.S. Senate Finance Committee
 
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|year=1998
 
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|publisher=Digiqual Inc.
 
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|location=Bernardsville, NJ
 
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|isbn=0-9665398-1-8
 
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|oclc=40340829}}
 
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{{Cite book
 
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|last=*Merritt |first=Steve
 
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|title=All about the New IRA, Roth, Traditional, Educational: How to Cash in on the New Tax Law Changes
 
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|year=1998
 
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|publisher=Halyard Press
 
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|location=Melbourne, FL
 
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|isbn=1-887063-07-2
 
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|oclc=39363078}}
 
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{{Cite book
 
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|last=*Slesnick |first=Twila
 
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|author2=Suttle, John C.
 
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  |title=IRAs, 401(k)s, & Other Retirement Plans: Taking Your Money Out
 
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|year=2007  |edition=8th
 
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|publisher=Nolo
 
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|location=Berkeley, CA
 
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|isbn=978-1-4133-0696-5
 
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|oclc=85162294}}
 
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{{Cite book
 
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|last=*Thomas|first=Kaye A.
 
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|title=Fairmark Guide to the Roth IRA:  Retirement Planning in Plain Language
 
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|year=2004
 
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|publisher=[[Fairmark Press, Inc.]]
 
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|location=Lisle, IL
 
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|isbn=0-9674981-0-4
 
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|oclc=55048948}}
 
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{{Cite book
 
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|last=*Trock |first=Gary R.
 
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|title= The Roth IRA Made Simple
 
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|year=1998
 
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|publisher=Conquest Pub.
 
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|location=Grifith, IN
 
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|isbn=0-9666227-0-7
 
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|oclc=40641031}}
 
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==External Links==
 
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* [http://www.irs.gov/pub/irs-pdf/p590.pdf IRS Publication 590 (IRAs)] (pdf)
 
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* [http://www.forbes.com/forbes/2010/0607/investing-roth-ira-conversion-fidelity-tax-rothify-401k.html Rothify Your 401(k)] Forbes.com
 
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* {{Cite news
 
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| url = http://www.boston.com/business/personalfinance/articles/2010/02/13/traditional_to_roth_ira_conversions_dont_be_tripped_up_by_tax_implications/
 
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| title = Traditional to Roth IRA conversions: Don’t be tripped up by tax implications
 
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| author = Humberto Cruz
 
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| newspaper = [[The Boston Globe]]
 
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| date = February 13, 2010
 
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}}
 
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==References==
 
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{{reflist|2}}
 
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{{Template:Economic preparedness topics}}
 
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[[Category : Economic Preparedness]]
 
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[[Category:Individual Retirement Accounts]]
 
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[[Category:Retirement]]
 
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[[Category:Investments]]
 
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[[Category:Economics]]
 
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[[Category:Real Estate]]
 
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[[Category:Finance]]
 

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