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What is a Roth IRA?
Roth IRA vs Traditional IRA
A Roth IRA is subject to the same rules that apply to a traditional IRA, with the following exceptions:
- You cannot deduct contributions to a Roth IRA.
- If you satisfy the requirements, qualified distributions are tax-free.
- You can make contributions to your Roth IRA after you reach age 70 ½.
- You can leave amounts in your Roth IRA as long as you live.
- The account or annuity must be designated as a Roth IRA when it is set up.