Roth IRA Review

Front

What does IRA stand for?

Back

Individual Retirement Account

Front

What is the primary requirement to open a Roth IRA?

Back

You must have a job.

Front

What is the maximum contribution limit for a Roth IRA in 2025 for individuals under 50?

Back

$7,000

Front

How much of the interest earned in a Roth IRA is taxed upon withdrawal in retirement?

Back

None of it.

Front

If your income is between $150,000 and $165,000, how is your Roth IRA contribution affected?

Back

The contribution amount is reduced.

Front

What is the tax benefit of a Roth IRA compared to a traditional IRA?

Back

Withdrawals in retirement are tax-free.

Front

At what age can you start withdrawing contributions from a Roth IRA without penalties?

Back

You can withdraw contributions at any age.

Front

What is the penalty for early withdrawal of earnings from a Roth IRA?

Back

10% penalty plus taxes on earnings.

Front

What is the income limit for contributing to a Roth IRA for single filers in 2025?

Back

$140,000.

Front

What happens to your Roth IRA if you pass away?

Back

It can be inherited by your beneficiaries.