Our Roth IRA Accounts offer a non-deductible way to start your retirement savings. If held for at least five years, distributions from a Roth IRA are tax free when used for a qualified purpose.
Traditional IRAs only allow tax deferral, the government collects tax at the time of distribution. Distributions from a Roth Individual Retirement Account are tax free if used for a qualified purpose.*
Tax free distributions include: higher education; buying a first home (up to $10,000); age 59½; death; and disability. In order to qualify, the five year holding period requirement must also be met.
To fit your needs, you can open a Roth IRA Savings or Certificate Account.
Contribution Limits (Roth)
Year Contribution Limit
Catch Up Contributions
Individuals who turn age 50 and older can make a catch-up contribution of $1,000 per tax year in addition to regular contributions. This catch-up contribution may also be made to an IRA for a non-working spouse.
Roth IRAs are available to married couples with incomes below $214,000 for 2022 and single filers with incomes below $144,000 for 2022. In addition, individuals must have earned income to be eligible.
Rollovers From Traditional IRAs
Traditional IRAs may be rolled into Roth IRAs. This allows depositors to gain the advantage of tax-free distributions in the future.
Visit the branch nearest you, or call (631) 698-7000 ext. 6780.
*Consult your tax advisor.