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Roth IRA Rules 2020 & Beyond: Eligibility, Income, Contribution Rules and More - YouTube
Channel: Gold IRA & 401K Rollovers
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Important Note: this information is about
the 2015 tax year.
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The 2016 deadline is April 18 contribution
limits will remain the same for 2016, however
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income limits have increased slightly.
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The term "rules" is a subjective word in reference
to a Roth IRA.
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This video will teach you the correct eligibility
criteria of what you can and cannot do with
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a Roth IRA account once you have one yourself.
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The first rule for a Roth IRA is eligibility.
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There are certain rules of eligibility for
new Roth IRA's and additional rules regarding
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eligibility for investors who already have
Roth IRAs.
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Are you eligible for a Roth IRA?
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They are two elements in play which will determine
if you can open a new Roth IRA account or
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continue investing into an existing Roth IRA
account.
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The first element is your current year income
and the second element is your tax filing
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status.
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The first element or requirement is that you
have to have "earned" income that means income
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you earned from working which is usually in
the form of a salary, hourly wages or profits
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earned from a small business.
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Once you are eligible based on your current
year income then you need to make sure that
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you aren't going to make more in the federal
government allows you for Roth IRA account
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holders.
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The amounts are different for each person
depending on your personal tax status.
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What is My MAGI?
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MAGI is the modified adjusted gross income,
which is what you're earning limits are based
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on.
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It is calculated by taking the adjusted gross
income from your tax forms and it adding back
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deductions for things like student loan interest
and higher education expenses.
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What are your contribution limits?
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There is one quirk in the law system that
says you have to make a contribution for the
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current tax year within 15 months so if you
set up an account on January it must have
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a contribution by the next April.
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There is another thing you have to know and
that is about earned income.
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If your earned income is less then you're
eligible contribution amount your maximum
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contribution amount equals your income.
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There are a few other eligibility related
features that make Roth IRAs special.
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The first thing is that you can make contributions
at any age.
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The second thing is you are not required to
make a mandatory distribution from a Roth
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IRA, whereas with a traditional IRA account
holders must start withdrawing at age 70 1/2.
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The third special eligibility related feature
of a Roth IRA is that a non-working spouse
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can open a Roth IRA based on the working spouse
is earnings and the couples tax filing status.
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The other thing is that you can still make
your annual contribution if you also convert
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money from a tax deductible account like a
traditional IRA to a Roth IRA account in the
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same year.
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The fifth eligibility related feature of a
Roth IRA is that you can contribute to a Roth
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IRA even if you participate in a retirement
plan through your employer.
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There is a five-year rule for making withdrawals
from Roth IRAs there are also ways to make
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penalty free withdrawal's and investors can
undo a Roth conversion.
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To learn more about these please see our other
YouTube videos.
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There are many benefits to rolling over your
IRA to gold.
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For your free gold IRA rollover kit Visit:
http://FreeGoldIRARolloverKit.com or call:
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1-844-612-7162
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