|Who May Establish
Age limit: none.
$127,000 (single tax return)²
$188,000 (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.