Age limit: none.
$132,000 (single tax return)²
$194,000 (joint tax return).²
Annual Contribution Limit
$5,500 for each working individual ($11,000 in total for a working and non-working spouse). Additional $1,000 is allowed if individual is age 50 or older. No tax deduction available.
Contributions are discretionary each year.
Entirely tax-free if certain conditions are
met. Otherwise, earnings subject to income tax; a 10% penalty tax
may apply before age 59½.
The $5,500 ($6,500 if age 50 or older) maximum Roth IRA contribution is reduced for those with Adjusted Gross Income (AGI) between $117,000-$132,000 (single) and $184,000-$194,000 (joint).
For 2015, income limits were $131,000 (single); and $193,000 (joint tax return).
Certain states require state withholding if you elect (or are required) to have federal income tax withheld from distributions. Contact the State Department of Revenue for more information.
This material is not intended to replace the advice of a qualified attorney, tax advisor, investment professional, or insurance agent. Before making any financial commitment regarding the issues discussed here, consult with the appropriate professional advisor.
Before investing, consider the product's investment objectives, risks, charges and expenses. Contact your advisor or Pioneer Investments for a prospectus or summary prospectus containing this information. Read it carefully. To obtain a free prospectus or summary prospectus and for information on any Pioneer fund, please download it here.