Roth IRAs
The most frequently asked tax questions related to Roth IRAs
Is my annual contribution to my Roth IRA deductible?
Asked Monday, October 16, 2000 by an anonymous userCPA Answer:
No. Your annual contribution to a Roth IRA is not a deduction on your tax return. Distributions at age 70 and a half are not requires. Contributions after age 70 are allowed. Distributions are not taxable. IRA minimum distribution rules do not apply.
I'm over 71 years old and still work. Can I contribute to a Roth IRA ?
Asked Saturday, September 09, 2000 by an anonymous userCPA Answer:
Yes. Roth IRA contributions can be made at any age providing you have earned income. However, they are subject to various income limitations.
Can I open a Roth IRA for my minor child ?
Asked Sunday, August 27, 2000 by an anonymous userCPA Answer:
Yes, but only if your son or daughter has "earned income" (not investment income) which is reported on their tax return. The contribution is limited to the lesser of $5,500 or net earned income after deducting expenses related to the production of those earnings. A fast food employee, paper route, or other part-time jobs are examples of earned income sources.