{"id":4831,"date":"2023-12-12T08:35:45","date_gmt":"2023-12-12T13:35:45","guid":{"rendered":"https:\/\/scarletoakfs.webarc.dev\/?p=4831"},"modified":"2023-12-11T16:52:54","modified_gmt":"2023-12-11T21:52:54","slug":"understanding-roth-iras","status":"publish","type":"post","link":"https:\/\/scarletoakfs.com\/understanding-roth-iras\/","title":{"rendered":"\u00a0Understanding Roth IRAs [2024]"},"content":{"rendered":"[vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_spacing=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]A Roth Individual Retirement Account (Roth IRA) is a personal account that allows you to save for your retirement on top of employer sponsored plans like 401(k), 403(b), and 457 plans and then make tax-free withdrawals.<\/p>\n<h3>Key aspects of Roth IRAs:<\/h3>\n<ul>\n<li>Roth contributions are <strong>post-tax contributions<\/strong> taxed when you earn the income, not when the retirement distribution is made. So, say you earn $2000 per paycheck and contribute $200 as a Roth contribution. You will still pay taxes on the $2000. Whereas if you had made a traditional IRA contribution of $200, you&#8217;d pay taxes on an adjusted paycheck of $1800.<a href=\"#_edn1\" name=\"_ednref1\">[1]<\/a><\/li>\n<li>Once you contribute money to a Roth IRA, your investments can grow tax-free within the account. This means you won&#8217;t owe taxes on the capital gains, dividends, or interest earned as long as the funds remain in the Roth IRA. You were taxed before the funds entered the account. 1<\/li>\n<li>With all investment accounts, <strong>you expose some or all your invested money to loss for the chance to earn a higher profit.<\/strong> Investment gains hinge on an ongoing and long-term investment strategy that uses your risk tolerance and diversification to mitigate some risks. Even with these in place, you are exposing your money to loss.<a href=\"#_edn2\" name=\"_ednref2\">[2]<\/a><\/li>\n<\/ul>\n<p><a href=\"#_ednref11\" name=\"_edn11\"><\/a>[\/vc_column_text]<div class=\"iwithtext\"><div class=\"iwt-icon\"> <i class=\"icon-default-style fa fa-clock-o extra-color-1\"><\/i> <\/div><div class=\"iwt-text\"> <strong>Updated For 2024:<\/strong> Yearly <strong>contribution limits<\/strong> are $7,000 for people younger than 50 and an extra $1,000 catch-up amount for those 50 and older for 2024.<a href=\"#_edn3\" name=\"_ednref3\">[3]<\/a> <\/div><div class=\"clear\"><\/div><\/div>[vc_column_text]\n<ul>\n<li><a href=\"#_edn3\" name=\"_ednref3\"><\/a><strong>Investment options<\/strong> include individual stocks, mutual funds, ETFs, annuities, UITs, etc. Investment vehicles not allowed in IRAs are Life Insurance, types of Derivatives Positions, antiques\/collectibles, personal real estate, and most coins.<a href=\"#_edn4\" name=\"_ednref4\">[4]<\/a><\/li>\n<li><strong>Only earned income<\/strong> can be contributed to a Roth IRA. You cannot contribute from alimony (nontaxable), child support, Social Security retirement benefits, or unemployment benefits.<a href=\"#_edn5\" name=\"_ednref5\">[5]<\/a><\/li>\n<li><strong>Investment control<\/strong> is either by your chosen institution or advisor or can be self-directed. With this account, you must know your risk tolerance and diversification strategy. These are especially important if you are self-directed and need to make changes to your investments as you make changes to your life and risk tolerance.3<\/li>\n<\/ul>\n<p><strong>Roth IRA Contribution Income Limits for 2024<a href=\"#_edn6\" name=\"_ednref6\">[6]<\/a><\/strong><\/p>\n<table width=\"692\">\n<thead>\n<tr>\n<td><strong>Filing Status<\/strong><\/td>\n<td><strong>Modified Adjusted Gross Income (MAGI) Limits<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Single or Head of Household<\/td>\n<td>Full Contribution: Up to $ 146,000 MAGI<\/p>\n<p>Partial Contribution: $ 146,000 to $161,000 MAGI<\/p>\n<p>No Contribution: Over $161,000 MAGI<\/td>\n<\/tr>\n<tr>\n<td>Married Filing Jointly<\/td>\n<td>Full Contribution: Up to $230,000 MAGI<\/p>\n<p>Partial Contribution: $230,000 to $240,000 MAGI<\/p>\n<p>No Contribution: Over $240,000 MAGI<\/td>\n<\/tr>\n<tr>\n<td>Married Filing Separately<\/td>\n<td>Partial Contribution: $0 to $10,000 MAGI<\/p>\n<p>No Contribution: Over $10,000 MAGI<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><strong>Fees<\/strong> vary from institution to institution. It is important to understand how much you are paying in fees.<\/li>\n<li>The earliest you can take <strong>penalty-free withdrawals<\/strong> is 59 \u00bd. However, there are some exemptions to the early withdrawal penalty- if you are permanently and totally disabled, if you have medical expenses that exceed 10% of your modified adjusted gross income, the cost for your medical insurance while you&#8217;re unemployed, your qualified higher education expenses, the amount to buy, build or rebuild a first home (up to $10,000), your withdrawal is in the form of an annuity, your withdrawal is a qualified reservist distribution, you&#8217;re the beneficiary of a deceased Roth IRA owner or the withdrawal is the result of an IRS levy.<a href=\"#_edn7\" name=\"_ednref7\">[7]<\/a><\/li>\n<\/ul>\n<p><a href=\"#_ednref11\" name=\"_edn11\"><\/a>[\/vc_column_text]<div class=\"iwithtext\"><div class=\"iwt-icon\"> <i class=\"icon-default-style fa fa-bullhorn accent-color\"><\/i> <\/div><div class=\"iwt-text\"> <strong>Unique to ROTH IRAs: Required Minimum Distributions (RDMs)<\/strong> are not mandatory at any age.1 <\/div><div class=\"clear\"><\/div><\/div>[vc_column_text]\n<ul>\n<li><strong>Rollovers<\/strong> into Roth IRA can come from other post-tax accounts such as Roth 401(k) accounts, Roth 403(b) accounts, and Roth 457(b) accounts.<a href=\"#_edn8\" name=\"_ednref8\">[8]<\/a><\/li>\n<li><strong>If you have both a Traditional IRA and a Roth IRA<\/strong>, your total contribution limits for both accounts are $7,000 per year for those under 50 and $8,000 for those 50 and older.<a href=\"#_edn9\" name=\"_ednref9\">[9]<\/a><\/li>\n<\/ul>\n<p>If you would like to explore additional retirement investment accounts that could work for your goals, <strong>Scarlet Oak Financial Services can be reached at\u00a0<\/strong><a href=\"tel:8008711219\"><strong>800.871.1219<\/strong><\/a><strong>, or\u00a0you can <\/strong><a href=\"https:\/\/scarletoakfs.com\/contact-us\/\"><strong>contact us here<\/strong><\/a><strong>.\u00a0 To sign up for our weekly newsletter with the latest economic news,\u00a0<\/strong><a href=\"https:\/\/lp.constantcontactpages.com\/su\/j1VZGFi\/ScarletOak\"><strong>click here<\/strong><\/a><strong>.\u00a0 <\/strong><\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<h6>Sources:<\/h6>\n<p><a href=\"#_ednref1\" name=\"_edn1\">[1]<\/a> <a href=\"https:\/\/www.investopedia.com\/terms\/r\/rothira.asp\">https:\/\/www.investopedia.com\/terms\/r\/rothira.asp<\/a><\/p>\n<p><a href=\"#_ednref2\" name=\"_edn2\">[2]<\/a> <a href=\"https:\/\/www.investor.gov\/sites\/investorgov\/files\/2019-02\/Saving-and-Investing.pdf\">https:\/\/www.investor.gov\/sites\/investorgov\/files\/2019-02\/Saving-and-Investing.pdf<\/a><\/p>\n<p><a href=\"#_ednref3\" name=\"_edn3\">[3]<\/a> <a href=\"https:\/\/www.irs.gov\/newsroom\/401k-limit-increases-to-23000-for-2024-ira-limit-rises-to-7000\">https:\/\/www.irs.gov\/newsroom\/401k-limit-increases-to-23000-for-2024-ira-limit-rises-to-7000<\/a><\/p>\n<p><a href=\"#_ednref4\" name=\"_edn4\">[4]<\/a> <a href=\"https:\/\/www.investopedia.com\/articles\/personal-finance\/103114\/roth-iras-investing-and-trading-dos-and-donts.asp\">https:\/\/www.investopedia.com\/articles\/personal-finance\/103114\/roth-iras-investing-and-trading-dos-and-donts.asp<\/a><\/p>\n<p><a href=\"#_ednref5\" name=\"_edn5\">[5]<\/a> <a href=\"https:\/\/www.investopedia.com\/articles\/personal-finance\/081615\/basics-roth-ira-contribution-rules.asp\">https:\/\/www.investopedia.com\/articles\/personal-finance\/081615\/basics-roth-ira-contribution-rules.asp<\/a><\/p>\n<p><a href=\"#_ednref6\" name=\"_edn6\">[6]<\/a> <a href=\"https:\/\/www.irs.gov\/newsroom\/401k-limit-increases-to-23000-for-2024-ira-limit-rises-to-7000\">https:\/\/www.irs.gov\/newsroom\/401k-limit-increases-to-23000-for-2024-ira-limit-rises-to-7000<\/a><\/p>\n<p><a href=\"#_ednref7\" name=\"_edn7\">[7]<\/a> <a href=\"https:\/\/www.schwab.com\/ira\/roth-ira\/withdrawal-rules\">https:\/\/www.schwab.com\/ira\/roth-ira\/withdrawal-rules<\/a><\/p>\n<p><a href=\"#_ednref8\" name=\"_edn8\">[8]<\/a> <a href=\"https:\/\/www.irs.gov\/pub\/irs-tege\/rollover_chart.pdf\">https:\/\/www.irs.gov\/pub\/irs-tege\/rollover_chart.pdf<\/a><\/p>\n<p><a href=\"#_ednref9\" name=\"_edn9\">[9]<\/a> <a href=\"https:\/\/www.investopedia.com\/ask\/answers\/03\/081503.asp\">https:\/\/www.investopedia.com\/ask\/answers\/03\/081503.asp<\/a><\/p>\n<p>&nbsp;<\/p>\n<p><em>This material has been prepared for informational purposes. *To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on individual circumstances.<\/em><\/p>\n<p><a href=\"#_ednref11\" name=\"_edn11\"><\/a>[\/vc_column_text][\/vc_column][\/vc_row]\n","protected":false},"excerpt":{"rendered":"<p>[vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_spacing=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243;&#8230;<\/p>\n","protected":false},"author":2,"featured_media":9324,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[860,580],"tags":[473,493,494,491,397,495,99],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.5 (Yoast SEO v22.5) - 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