This is your Green Grosser, helping you gross green today. Now we will be discussing a Roth IRA or Individual Retirement Account. A Roth IRA is a personal savings plan that can be started at any age. This may be set up at a financial institute such as a bank or a traditional brokerage firm. Your contributions to a Roth IRA are not tax deductible unlike other IRAs. Also, distributions from Roth IRAs are not included as income because they are after tax contributions. The amount you may contribute to a Roth IRA is reduced by contributions you make to a traditional IRA. This amount may not exceed your taxable income. You may roll over on an existing IRA to a Roth IRA and pay ordinary income tax in the year you roll. But then you must wait 5 years to take non-taxable distributions. To contribute to a Roth IRA and have all earnings and profits grow with no tax, your adjusted gross income must be less than $160,000 when married and filing jointly, $10,000 if married and filing separately, and $110,000 if you’re single, head of the household, or married and filing separately. For Roth IRAs, as well as a regular IRA, earnings that remain in the accounts are not taxed. From GreenGrosser.com, this is your Green Grosser with your tip to help you gross green today.