Roth contributions & withdrawls

Yes, $5,000 or the amount of your gross wages, whichever is less.

Yes, if you have had the account for at least 5 years, Contributions can be withdrawn at any time, without tax or penalty.

Yes. There is no age limit for Roth contributions, so as long as you have earned income (your part-time job) you can contribute. See IRS Publication 590.

Assuming your first Roth contribution was more than 5 years ago, all Roth distributions for the rest of your life will be tax-free.

-- Phil Marti Clarksburg, MD

Answer 1: Yes, up to the limit of $5,000 at present time, since you are over 50 -- and subject the the limitation that it cannot exceed your earned income. Also, please note the contributions to your Roth account may entitle you to a credit for retirement savings, assuming your total income does not exceed the stated limitations. Answer 2: Yes, once you're past 59 1/2 years of age, all Roth withdrawals are free of reporting or taxation requirements. Bill

Rest easy. There is no age restriction on contributing to a ROTH, as long as other qualifications (earned income and AGI under a certain amount, etc).

If you've had it at least five years, then yes. Otherwise a portion of the earnings might be taxable. Enjoy! AFter all, "we" (you and I) have earned the privilege. ChEAr$, Harlan Lunsford, EA n LA

(snipped...

OOPS! Bill. free of reporting requirements? Since distributions are always reported on a 1099R, recipients had better account for same on line... 16 (17?) a. ChEAr$, Harlan Lunsford, EA n LA

I stand corrected. I was thinking "free of inclusion in taxable income" when I wrote the offending "reporting requirements." Of course, any 1099R income reported must be explained. (Actually, I've personally not yet made a withdrawal from my Roth ... so I hadn't even thought of the