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previous page Previous Page: Publication 590 - Individual Retirement Arrangements (IRAs) - What Acts Result in Penalties or Additional Taxes?
next page Next Page: Publication 590 - Individual Retirement Arrangements (IRAs) - When Can a Roth IRA Be Set Up?
 Use previous pagenext page to find additional occurrences of topic items.Index for this Publication
taxmap/pubs/p590-014.htm#en_us_publink10006474

Chapter 2
Roth IRAs(p58)

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What's New for 2008(p58)


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taxmap/pubs/p590-014.htm#en_us_publink10006476

Roth IRA contribution limit.(p58)

If contributions on your behalf are made only to Roth IRAs, your contribution limit for 2008 is generally the lesser of:
If you were age 50 or older before 2009 and contributions on your behalf were made only to Roth IRAs, your contribution limit for 2008 is generally the lesser of: However, if your modified AGI is above a certain amount, your contribution limit may be reduced. For more information, see How Much Can Be Contributed? under Can You Contribute to a Roth IRA? in this chapter.
taxmap/pubs/p590-014.htm#en_us_publink10006477

Modified AGI limit for Roth IRA contributions increased.(p58)

For 2008, your Roth IRA contribution limit is reduced (phased out) in the following situations. See Can You Contribute to a Roth IRA? in this chapter.
taxmap/pubs/p590-014.htm#en_us_publink10006478

Rollovers from other retirement plans.(p58)

Beginning in 2008, you can rollover amounts from a qualified retirement plan to a Roth IRA. For more information, see Rollover From Employer's Plan Into a Roth IRA in this chapter.
taxmap/pubs/p590-014.htm#en_us_publink10006479

Economic stimulus payments.(p58)

Economic stimulus payments directly deposited in your Roth IRA in 2008 may be withdrawn tax-free and penalty-free. See Tax-free withdrawals of economic stimulus payments under Are Distributions Taxable? later.
taxmap/pubs/p590-014.htm#en_us_publink100024195

Military death gratuities and servicemembers' group life insurance (SGLI) payments.(p59)

If you received a military death gratuity or SGLI payment with respect to a death from injury that occurred after October 6, 2001, you may roll over some or all of the amount received to your Roth IRA. For more information, see Military Death Gratuities and Servicemembers' Group Life Insurance (SGLI) Payments in this chapter.
taxmap/pubs/p590-014.htm#en_us_publink1000124846

Rollover of Exxon Valdez settlement income.(p59)

If you received qualified settlement income in connection with the Exxon Valdez litigation, you may roll over the amount received, or part of the amount received, to your Roth IRA. For more information, see Rollover of Exxon Valdez Settlement Income in this chapter.
taxmap/pubs/p590-014.htm#en_us_publink1000125435

Rollover of airline payments.(p59)

If you are a qualified airline employee, you may contribute any portion of an airline payment paid to you by a commercial passenger airline carrier under a Federal bankruptcy court order to your Roth IRA. For more information, see Rollover of Airline Payments in this chapter.

What's New for 2009(p59)


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taxmap/pubs/p590-014.htm#en_us_publink10006481

Modified AGI limits for Roth IRA contributions increased.(p59)

For 2009, your Roth IRA contribution limit is reduced (phased out) in the following situations. See Can You Contribute to a Roth IRA ? in this chapter.
taxmap/pubs/p590-014.htm#en_us_publink1000133007

Temporary waiver of required minimum distribution rules.(p59)

No minimum distribution is required from your Roth IRA for 2009. See Temporary waiver of required minimum distribution rules for 2009 in this chapter.

Reminder(p59)


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taxmap/pubs/p590-014.htm#en_us_publink10006483

Deemed IRAs.(p59)

For plan years beginning after 2002, a qualified employer plan (retirement plan) can maintain a separate account or annuity under the plan (a deemed IRA) to receive voluntary employee contributions. If the separate account or annuity otherwise meets the requirements of an IRA, it will be subject only to IRA rules. An employee's account can be treated as a traditional IRA or a Roth IRA.
For this purpose, a "qualified employer plan" includes:

taxmap/pubs/p590-014.htm#TXMP1405ce9dIntroduction

Regardless of your age, you may be able to establish and make nondeductible contributions to an individual retirement plan called a Roth IRA.
taxmap/pubs/p590-014.htm#en_us_publink10006484

Contributions not reported.(p59)


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You do not report Roth IRA contributions on your return.
taxmap/pubs/p590-014.htm#en_us_publink10006485

What Is a Roth IRA?(p59)


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A Roth IRA is an individual retirement plan that, except as explained in this chapter, is subject to the rules that apply to a traditional IRA (defined below). It can be either an account or an annuity. Individual retirement accounts and annuities are described in chapter 1 under How Can a Traditional IRA Be Set Up.
To be a Roth IRA, the account or annuity must be designated as a Roth IRA when it is set up. A deemed IRA can be a Roth IRA, but neither a SEP IRA nor a SIMPLE IRA can be designated as a Roth IRA.
Unlike a traditional IRA, you cannot deduct contributions to a Roth IRA. But, if you satisfy the requirements, qualified distributions (discussed later) are tax free. Contributions can be made to your Roth IRA after you reach age 701/2 and you can leave amounts in your Roth IRA as long as you live.
taxmap/pubs/p590-014.htm#en_us_publink10006486

Traditional IRA.(p59)


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A traditional IRA is any IRA that is not a Roth IRA or SIMPLE IRA. Traditional IRAs are discussed in chapter 1.
previous pagePrevious Page: Publication 590 - Individual Retirement Arrangements (IRAs) - What Acts Result in Penalties or Additional Taxes?
next pageNext Page: Publication 590 - Individual Retirement Arrangements (IRAs) - When Can a Roth IRA Be Set Up?
 Use previous pagenext page to find additional occurrences of topic items.Index for this Publication