Although the maximum permissible contribution to a Roth IRA is not deductible, distributions from the account are received tax free if certain requirements are met. The maximum amount that a taxpayer may contribute to a Roth IRA is $6,000 for 2020. The $6,000 limit may be adjusted annually for inflation in increments of $500. In addition, taxpayers who are at least 50 years old may contribute an additional $1,000 through 2020. With a traditional IRA, distributions related to deductible contributions
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Do your clients know the value of Roth IRAs?
Sep 01, 2022 · 10 min read
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