Roth IRA

A Roth IRA allows you to make contributions with money on which you've already paid taxes. Withdraw your contributions tax-free and penalty-free at any time, provided you meet certain conditions.
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Why choose a Firstrade Roth IRA?

  • No account fees or minimum to open an account
  • Earnings and withdrawals can potentially be tax-free
  • Get guidance choosing from a wide range of investment options
  • $0 commission fees on online trades

Roth IRA Rules

Tax Advantages
  • Not tax-deductible contributions
  • Tax-free* earnings
  • Qualified withdrawals are tax-free
Eligibility Requirements

To make a full contribution, you must have a Modified Adjusted Gross Income of:

For tax year 2023:
Single: Less than $153,000
Married filing jointly: Less than $228,000

For tax year 2024:
Single: Less than $161,000
Married filing jointly: Less than $240,000

Contribution Limits Per Year

For tax year 2023:
$7,500 if age 50 or older

For tax year 2024:
$8,000 if age 50 or older

Roth Conversion (converting a Traditional IRA to a Roth IRA) is available.*

  • Contributions can be withdrawn at any time without taxes or penalties.
  • Earnings can be withdrawn with no taxes or penalties as long as you are at least 59½ yrs. of age and the account has been open for at least 5 years.
  • No distribution requirements.
* Subject to certain restrictions. Please consult with your tax advisor.

More Information

Learn about the basics of retirement, from types of accounts available to taking minimum required distributions (MRDs).
Step-by-step guide on how to rollover an old 401(k) to Firstrade.