Roth IRA

Tax considerations are an essential part of good retirement planning. Your Roth IRA contributions are made with after-tax income, so you’ll owe no taxes when you withdraw them under current laws. In addition, you won’t be taxed on any earnings generated on the assets in your Roth IRA, provided you meet certain conditions.

Many investors choose to invest in a Roth IRA as part of a diversified tax strategy. A SunTrust Investment Services advisor can explain the benefits of a Roth IRA account and help you determine the most tax-efficient route for you.

SunTrust offers a range of IRA certificates of deposit and IRA money market accounts, and a broad range of investment and retirement solutions from some of the top annuity1 providers the industry has to offer. All of these solutions can be used as part of the mix of investments in your Roth IRA.

To talk with a SunTrust retirement expert call 844.206.8900.

Why choose a Roth IRA?

  • Under current laws, tax-free investment earnings and tax-free income distributions start at age 59½ as long as you have had your Roth IRA account for at least five years.
  • Contributions can continue past age 70½ if you're still earning income.
  • Contributions can be withdrawn at any time with no tax penalties.

Roth IRA eligibility requirements

  • You must have earned income (as opposed to investment income only).
  • You can contribute to a Roth IRA even if you participate in an employer-sponsored plan.
  • To make a full contribution, your 2017 modified adjusted gross income must be less than $117,000 if you’re a single taxpayer, or less than $184,000 if you’re married and filing jointly.

Roth IRA contribution limits

The annual Roth IRA limits on contributions for the 2017 tax year are:

  • $5,500 for single individuals up to age 50
  • $6,500 for individuals age 50 and over
  • $11,000 to $13,000 for married couples filing jointly ($5,500 maximum for each joint filer up to age 50, $6,500 for each at age 50 and older)

You can contribute to a Traditional IRA and a Roth IRA in the same year, but your total contribution is limited to the amounts above.

Roth IRA conversions

  • As of 2010, income limits for converting a Traditional IRA to a Roth IRA have been eliminated.
  • You must pay taxes on the amount being converted into a Roth IRA.
  • A Roth IRA conversion can have other important tax consequences and should be made with the help of a qualified financial advisor.

1Annuities are offered by SunTrust Investment Services, Inc.

NOTE: Eligibility and contribution amount information is valid as of January 1, 2017. SunTrust, its officers, nor its employees give tax or legal advice. Please consult your tax or legal advisor concerning your specific situation. While SunTrust can assist clients in the areas of estate and financial planning, only an attorney can draft legal documents, provide legal services and give legal advice. Clients of SunTrust should consult with their legal and tax advisors prior to entering into any financial transaction or estate plan. Because it cannot provide legal services or give legal advice, SunTrust’s services or advice relating to “estate planning” are limited to (i) financial planning, multi-generational wealth planning, investment strategy, (ii) management of trust assets, investment management and trust administration, and (iii) working with the client’s legal and tax advisors in the implementation of an estate plan.

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