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Roth IRA
(redirected from Nondeductible IRA)

    Also found in: Financial, Wikipedia 0.01 sec.
Roth IRA  (är-)
n.
A modified individual retirement account in which a person can set aside after-tax income up to a specified amount each year. Earnings on the account are tax-free, and tax-free withdrawals may be made after age 59 1/2 .
[After William Victor Roth, Jr. (1921-2003), U.S. congressman.]
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Keep track of nondeductible IRA contributions so you won't pay Uncle Sam more than you have to when you withdraw funds in retirement or if you convert to a Roth.
Don't Pay Taxes Twice by Cameron Huddleston, Contributing Editor, Kiplinger.com / Kiplinger.com
Assuming someone's AGI is too high for a Roth contribution in 2010 or later, they can contribute to a nondeductible IRA then immediately roll the contribution over to a Roth.
Roth IRA changes: conversions in 2010 and beyond by Kay Foss, Mary / California CPA
When the nondeductible IRA is converted to a Roth IRA in 2010, only the earnings in the account will be subject to tax.
Roth IRA conversions in 2010 by Aponte, Stephen / The Tax Adviser
 
 
 
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