Even though you must pay tax on the conversion, all future earnings accumulate tax free so it may be in your best interest to convert. We suggest that you consult with your financial professional or tax advisor to determine if a conversion would be beneficial for you. Individuals must be under 70 and have earned income to be eligible. Contributions may or may not be tax- deductible, depending on adjusted gross income or if you are covered by an employer sponsored plan. Contributions are not tax deductible but earnings accumulate tax free.
Distributions are generally subject to ordinary income tax in the year they are received.
Distributions are required once the individual reaches 70 . Distributions are only required upon death. Contributions are not permitted once the individual reaches 70 . Contributions can be made beyond age 70 . To open an Alger Fund Roth IRA, please complete the Roth IRA Application .