hnslunsford[at]bellsouth.net (Harlan=A0Lunsford) posted:
- quote -

I stand corrected. I was thinking "free of inclusion in
taxable income" when I wrote the offending "reporting
requirements." Of course, any 1099R income reported must be
explained. (Actually, I've personally not yet made a
withdrawal from my Roth ... so I hadn't even thought of the
1099R being issued.)

Bill

<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

Bill wrote:

(snipped...

- quote -

OOPS! Bill. free of reporting requirements? Since
distributions are always reported on a 1099R, recipients had
better account for same on line... 16 (17?) a.

ChEAr$,
Harlan Lunsford, EA n LA

<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

malibu.ron[at]verizon.net posted:

- quote -

Answer 1: Yes, up to the limit of $5,000 at present time,
since you are over 50 -- and subject the the limitation that
it cannot exceed your earned income. Also, please note the
contributions to your Roth account may entitle you to a
credit for retirement savings, assuming your total income
does not exceed the stated limitations.

Answer 2: Yes, once you're past 59 1/2 years of age, all
Roth withdrawals are free of reporting or taxation
requirements.

Bill

<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

malibu.ron[at]verizon.net wrote:

- quote -

Rest easy. There is no age restriction on contributing to a
ROTH, as long as other qualifications (earned income and AGI
under a certain amount, etc).

- quote -

If you've had it at least five years, then yes. Otherwise
a portion of the earnings might be taxable.

Enjoy! AFter all, "we" (you and I) have earned the
privilege.

ChEAr$,
Harlan Lunsford, EA n LA

<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

<malibu.ron[at]verizon.net> wrote:

- quote -

Yes. There is no age limit for Roth contributions, so as
long as you have earned income (your part-time job) you can
contribute. See IRS Publication 590.

- quote -

Assuming your first Roth contribution was more than 5 years
ago, all Roth distributions for the rest of your life will
be tax-free.

--
Phil Marti
Clarksburg, MD

<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

"malibu....[at]verizon.net" <malibu....[at]verizon.net> wrote:

- quote -

Yes, $5,000 or the amount of your gross wages, whichever is
less.

- quote -

Yes, if you have had the account for at least 5 years,
Contributions can be withdrawn at any time, without tax or
penalty.

<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

I am 63 and took early social security retirement benefits.

1. I work part time and want to know if I can continue
contributing to my Roth account ?
2. Can I withdraw money from my Roth account tax free ?

<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >