Roth IRA - Frequently Asked Questions
Click on any question below to veiw answers to some common questions about Roth IRA accounts.
What makes the Roth IRA different from the Traditional IRA?How do I open a BankDirect IRA?
How much can I contribute?
Who is eligible to open a Roth IRA?
When can I take my money out?
You can withdraw contributions (excluding conversion) at any time. Distributions that meet the requirements as noted below are referred to as
While you may take distributions from your Roth IRA at any time, distributions which are not qualified distributions may be subject to
taxes (and in some cases early distribution penalties) to the extent that exceed your aggregate contributions to Roth IRAs.
- You are at least age 59½
- You suffer a qualified disability
- Upon death
- Funds are used for
a qualified first-time home purchase, and
- After the end of the applicable 5-year period