Roth IRA Contributions: 3 Keys You Need to Know

http://www.IRAhelp.com and http://www.theslottreport.com - Ed Slott and Company IRA Technical Consultant Jeffrey Levine talks about 3 key factors you need to know when planning on making a Roth IRA contribution.

Comments

1. THE ANSWER TO POINT 2:
   
   The reason WHY Roth conversion are unlimited, but Roth contributions are limited is because the government wants the taxpayer to pay a lot of taxes.
   
   When you do a Roth conversion, you pay a lot of taxes. BUT (!) if the government allowed unlimited Roth contributions, nobody would pay taxes in retirement!
2. I don't understand then, why, when i withdrew $ 2200 from my Roth the bank asked if i wanted to pay the approx. !0% penalty now or at the end of the year. they said it was because the account was not yet 5 years old.
3. What if a person takes a loss on their business and is under 50. Can they still contribute 5500 or does this drop to 2000?
4. I withdrew 2200. from my roth ira and the bank asked if i wanted to have them take the approximate 10% tax out too; i was told this is because my ira was not yet five years old. this was this year. have the rules changed
5. Alright please forgive my ignorance I'm new to all of this, but I have a question... I've read articles saying that if I put 2000 dollars a year in my Roth IRA I could have over a million dollars by the time I'm 65 is that true or does the money I put in need to be invested in something like mutual funds for it to be a reality? I'm 25 by the way.
6. So when u let's say u have an urgency and need to take out ur contributions to roth ira u get back what u put in right???. or do I get back what it has earned as well ???
7. I think you might have misspoke on the Roth IRA not having any withdrawal penalty, That is the case after a 5 year period where you are not allowed to make any withdrawals and if you do, im pretty sure you get penalty for it but after 5 years you are in the clean to making withdrawals!
8. so what i got is roth ira is like a bank account? but you pay taxes now instead of later on it? and the maximum amount you put in it per year is 5500 to 6500 dollars? you won't get in trouble if you pay one year but not the next, right? so long as it doesn't exceed 5500 or 6500 dollars you can put in any amount?
9. TSP gets taxed crazy too. Look into Roth IRA.
10. anybody think a roth ira from a private company is better or a roth tsp through the military?
11. LOOK COOL BRO