For Roth IRAs, if you satisfy the requirements, qualified distributions are tax-free. You cannot deduct contributions to a Roth IRA. Non-working spouses may also contribute up to $5,500 ($6,500 if age 50 or older) to a Roth IRA. You may continue to make contributions to your Roth IRA after you reach 70½ years of age. There are no required minimum distributions on Roth IRAs. Your Roth IRA contribution might be limited based on your filing status and income, please read the requirements on the IRS’ website.
For more details about Roth IRAs, please check the IRS’ website. Consult a professional tax advisor to answer questions about your eligibility for tax deductions.
