A couple can Invest up to $11,000 per couple annually if one spouse has $11,000 in earned income. A single person can invest up to $5,500 annually if they have $5,500 in earned income.
Invest up to $13,000/couple annually if one spouse has $13,000 in earned income and the married couple are both 50 years of age. A single person can invest up to $6,500 annually if they are at least 50 years of age and have $6,500 in earned income.
After five years, you'll pay no Federal and Kanasas income tax on earnings withdrawn after age 59 1/2.
You may withdraw without penalty or Federal or Kansas Income Tax, up to $10,000 after (5) years before age 59 1/2, for down payment on "First Time Home Purchase."
You may withdraw without penalty before age 59 1/2 to pay for higher education.
You are eligible to invest in a Federal and Kansas Income Tax-Free Roth IRA if your annual income is under $183,000 (couple) or $116,000 (single).
No mandatory withdrawals at any age, so you can save as long as you like.
Rollover your existing Traditional IRA (without penalty) to a Roth IRA. No Federal Adjusted gross income limits after January 1, 2010.
You may contribue to a ROTH IRA past age 70.5, up to $13,000 per couple annually if one spouse has $13,000 in earned income.
You may contribute to a ROTH IRA past age 70.5 up to $6,500 for a single person, if they have at least $6,500 in Earned Income.
The Roth IRA also provides a way to pass a large amount of money, without probate, at your death. With a traditional IRA, you must start making withdrawals after you reach age 70 1/2.
But - a Roth IRA has NO mandatory withdrawals. That means you can let the account keep accumulating income, Federal and Kansas tax-free, until your death, when it will pass to the person you've named.
For more detailed information about the recent tax legislation and how Roth IRA's can benefit you , please consult your tax advisor.