More about Roth IRAs
Am I eligible to contribute to a Roth IRA?
- Yes, so long as you have earned income and your federal adjusted gross income is under $135,000 (single filer, head of household, or married filing separately) or $199,000 if you’re married and file a joint federal income tax return or qualifying widow(er).
- If your income is near these limits, the amount you can contribute may be reduced. Try our IRA Finder Tool for more information.
Are withdrawals from my Roth IRA tax free?
Yes, as long as you meet these criteria for a "qualified withdrawal" as defined by the IRS.
That means your Roth IRA was opened more than 5 years ago and either:
- You're older than 59-1/2, or
- You're disabled, or
- You meet the requirements for a first-time home purchase, or
- Your balance is being paid to a beneficiary after your death
What about withdrawals to buy a home?
- You can also make a penalty free withdrawal of up to $10,000 at any age to make a qualified first-home purchase.