Roth IRA’s in Maryland, D.C. and Virginia
Know your options and choices for starting a Roth IRA for residents living in Maryland, D.C. and Virginia
Roth IRA’s in Maryland, District of Columbia and Virginia
Comrade Financial Group offers Roth IRA for residents living in Maryland, DC and Virginia. We help you choose and set up your Roth IRA for all residents living in Maryland, DC and Virginia. If you think a Roth IRA is right for you, please contact us to discuss all of your options.
You need to decide if your tax rate will be higher or lower than it is now during retirement? If the answer is yes, then read o
What is a Roth IRA?
A Roth IRA is an IRA that, except as explained below, is subject to the rules that apply to a traditional IRA.
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.
The same combined contribution limit applies to all of your Roth and traditional IRAs. Your Roth IRA contribution might also be limited based on your filing status and income.
Limits on Roth IRA Contributions based on modified AGI
Details about Roth IRAs are contained in Publication 590, Individual Retirement Arrangements (IRAs) and include:
Setting up your Roth IRA;
Contributions to your Roth IRA; and
Distributions (withdrawals) from your Roth IRA.
As always there are many nuances between the rules and what you actually want for your plan and retirement. We are here to help you navigate and make the right choices for your specific situation.source and resource: IRS.gov