Q: What is a Roth IRA?
Contributions are nondeductible—the owner must pay income taxes on contributions.
Distributions from a Roth IRA are tax-free as long as the owner is at least 59½ years old AND a five-year holding period has been met of the original contribution.
To contribute to a Roth IRA, you must be at least 18 years old.
Note that there are Modified Adjusted Gross Income (MAGI) restrictions.
Learn more about the differences between a Roth and Traditional IRA.