The Details
Tax advantages*:
- Money you earn in this account grows tax free and is not taxed when withdrawn (if you've had a Roth IRA for five years and you're over age 59 1/2; certain exceptions may apply, ask your tax advisor).
- Pay taxes upfront on your contributions for the same year you make them
Eligibility*:
- No age limit to contribute (Trustee requires that the participant be at least 18)
- You must have earned income that is equal to or greater than the amount you contribute
Annual contribution limits*:
- 2007: $4,000
- 2008: $5,000
If you're age 50 or older, you might be able to make "catch-up" contributions—an extra $1,000 for 2007 and $1,000 for 2008.
Withdrawing money at retirement*:
- Withdraw up to the total amount of your contributions at any time without taxes or IRS penalties
- Other withdrawals are tax free as long as you've had a Roth IRA for more than five tax years and you're over age 59 1/2; certain exceptions may be available, ask your tax advisor
- No minimum distributions are required with a Roth IRA
*WaMu Investments, Inc. doesn't provide tax advice. Not all tax advantages may be available to you. For tax-related or eligibility questions, please consult with your qualified tax advisor about your specific situation.
Washington Mutual Bank is the Trustee of Washington Mutual IRAs; certain IRAs are administered on Trustee's behalf by WaMu Investment Services. WaMu Investments, Inc. is an affiliate of Washington Mutual, Inc. and its banking subsidiaries.
Get started
An investment professional can provide information on plans we offer so you can choose a retirement account that meets your financial needs.
Talk to one of our investment professionals at a WaMu financial center near you for more information. Talk to your qualified tax advisor about your specific situation.
