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Roth IRA

A Roth IRA is an individual retirement account (IRA) that is generally subject to the same rules that govern traditional IRAs, with a few notable exceptions.

Unlike traditional IRAs, you cannot deduct contributions to a Roth IRA, but qualified distributions that meet IRS requirements are tax-free. You can make contributions to a Roth IRA after the age of 70.5. You can leave money in your Roth IRA as long as you live.

For 2012, Roth IRA contributions are phased out for married couples filing jointly with adjusted gross incomes between $173,000 and $183,000, for single filers with between $110,000 and $125,000, and for married individuals filing separately between $0 and $10,000.

If you converted or rolled over an amount to a Roth IRA in 2010, you must either report the entire amount of income on your 2010 return, you must report half in 2011 and half in 2012.