rules for setting up a roth ira
A Roth IRA is an individual retirement plan that is subject to rules that would apply to a traditional IRA, but with some exceptions [source: IRS ]. Contributions are not tax deductible and qualified distributions are tax free. Here are some of the things you must consider when setting up a Roth IRA account:1  The account must be designated as a Roth IRA when it's opened. 2  The account can be opened at any time. 3  Contributions can be made at any age.ontributions are not tax deductible and qualified distributions are tax free. Here are some of the things you must consider when setting up a Roth IRA account: 1  The account must be designated as a Roth IRA when it's opened. 2  The account can be opened at any time.