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Article: The Roth IRA - what a great deal!
- Article from:
- Florida Bar Journal
- Article date:
- March 1, 1998
- Author:
CopyrightCOPYRIGHT 1998 Florida Bar. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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This article explains statutory requirements of the Roth IRA, some issues that are not addresses or are unclear in the new statute, and possible planning to strategies to take advantage of the Roth IRA.
The new Roth IRA(1) allows a taxpayer to fund an IRA with amounts ranging from just a few thousand to millions of dollars, lets the funds grow tax exempt for a virtually unlimited period of time, and allows the taxpayer to withdraw the moneys tax free. The most significant features of the new Roth IRA, which distinguish it from a traditional IRA, are that i) distributions are not required during the owner's lifetime, and ii) when taken, distributions are tax free, ...