Roth IRA

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Roth IRA

 (ī′är-ā′)
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), US congressman.]

Roth IRA


n.
an individual retirement account in which investments are made with taxable dollars, but withdrawals are tax-free after age 59 1/2.
[1997; after William V. Roth, Jr., senator from Delaware]
References in periodicals archive ?
The Tax Court held that the IRS properly imposed the 6% excise tax due to excess contributions made by family members to their respective Roth individual retirement accounts (IRAs).
The accounts will be Roth Individual Retirement Accounts - deposits are made with after-tax income; earnings accumulate tax-free.
I coached them to take advantage of employer-sponsored retirement plans as well as Roth individual retirement accounts.
According the SI report, plan participants have been borrowing from their retirement products to fund college costs: 401(k) loans are used 24% of the time and traditional or Roth individual retirement accounts (IRAs) 16% of the time.
Starting in 2010, taxpayers will be able to make rollovers from non-Roth retirement accounts to Roth individual retirement accounts (IRAs) without regard to the current $100,000 modified adjusted gross income (AGI) limit and (in 2010 only) will be able to benefit from a special two-year averaging provision (the taxable portion of the rollover is taxed in 2011 and 2012).