Tax Tips

How can you benefit by having a ROTH account?

1. Never pay Federal or Indiana taxes on your earnings.
2. All distributions are tax and penalty free if you have had an account for at least 5 years or you reach age 59-1/2.
3. There are no longer required minimum distributions at age 70-1/2 or older.
4. There is no longer an income limitation for conversions and rollovers into ROTH-IRAs.
5. Employers are not allowed to offer Roth-401 (k) plans as an option for retirement savings at work.
6. Withdrawals from inherited ROTH-IRAs are usually tax-free.