John J Bowman Jr, an accountant, discusses the nuances of the Roth IRA. John highlights how a Roth IRA works and the benefits of having one.

1. RothIRAMadeEasyJohnJBowmanJr| Accountant

2. HowitWorks
A Roth IRA is a retirement plan
based on taxed contributions from
your bank account.

3. Rulesof
theRoad
&
Things to know

4. Youcanonlycontribute$5,500
peryeartoaRothIRA.

5. Ifyou’resingle,youmustmake
lessthan$114,000annuallyto
contributethefullamount.You
alsomustmakelessthan
$129,000annuallytocontribute
atall.

6. Ifyou’remarried,youmust
makelessthan$181,000
annuallytocontributethewhole
amount.Youalsomustmake
lessthan$191,000annuallyto
contributeatall.

7. Afterage50,youcancontribute
upto$6,500annually.

8. Bonus!
Contributions can be
withdrawn at any time without
penalty, but you must have
held the account for five years.
You can use funds early,
including earnings, if you are
buying your first home. There
is a $10,000 lifetime limit on
this type of withdrawal.

9. Formoreonpersonal
finance,visitjbowmanaccountant.info