Overview of Roth IRA requirements

Below are the essential requirements and conditions for opening a Roth IRA with us:

Eligibility Requirements
  • Must be under age 70½ at the end of the tax year.
  • Must have earned income within the applicable tax year.
  • Income must fall below certain thresholds.
Contribution Limits
  • Maximum annual contribution is set by the IRS and depends on age:
    • Under 50 years old: $6,000.
    • Aged 50 and older: $7,000 (including catch-up contributions).
  • Contributions can be made until the tax filing deadline.
Withdrawal Policies
  • Contributions can be withdrawn at any time, tax- and penalty-free.
  • Earnings withdrawals are tax-free after the age of 59½, provided the account has been open for at least five years.
  • Special conditions may apply for first-time home purchases and certain other situations.

Additional Information

  • Please consult with a tax advisor for personalized advice.
  • Our representatives are available to assist with application and understanding of specific regulations.