There is no restriction on the amount of the rollover, but the rollover must be completed within 60 days of receiving assets from the qualified plan. For more information about a Rollover IRA, check Frequently Asked Questions . As the newest opportunity, the Roth IRA has become a popular alternative to the Regular IRA because all qualified withdrawals are free of federal income tax. In order to participate in a Roth IRA, your contributions must be nondeductible. Every taxpayer is different and it is important to weigh the advantages of a tax deduction now or tax-free withdrawals later.
Many financial plans stress the advantages of tax-free income at retirement.
The Roth IRA is one of the rare sources of this type of income. There is no limit on the number of years contributions may be made since these are after-tax dollars. Opening a Roth IRA is easy. Contact your investment representative to set up an investment account. To speed up the process, you can print and complete the Roth IRA application and Form 5305R , and send them to your investment representative.