Elective Deferrals of Partners and Self-Employed Individuals. Matching contributions of employees who are not partners have not been counted against this limit. Will Be Available Nondeductible Roth IRAs. It is first available in 1998. No tax deduction is allowed for contributions to the account.
Income accumulates tax-free in the account.
Qualified distributions from the account are not included in income. The maximum contribution is coordinated with the deductible IRA and is limited annually to the maximum IRA contribution allowed for that individual. Contributions can be made even if the individual is beyond age 70 . No distributions are required when the individual attains age 70 . Distributions are required only upon death.