A Roth IRA is a tax-advantaged personal savings plan where contributions are not deductible, but qualified distributions may be tax-free. You can contribute up to the annual limit to Roth IRAs each year if specific income criteria are met. Any earnings on assets in a Roth IRA grow tax-free. Distributions are penalty-free and tax-free after age 59½. There is no minimum distribution requirement at age 72.
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