Roth IRA
One of the best ways to save for retirement is with a Mountain West self-directed Roth individual retirement account. Why? Because the growth and income on your investments are free from federal income tax as long as certain conditions are met.
If your current Roth IRA doesn’t allow for self-direction, you may transfer the funds to a Mountain West self-directed Roth IRA so that you may choose alternative investments you know best.
Currently, you may jump start a tax-free IRA by converting your traditional IRA to a self-directed Roth IRA. While this is a taxable event, your investments will grow tax free. There is no longer any income limitation to convert a traditional IRA into a Roth IRA.
Other advantages of a Roth IRA are contributions may be made as long as you earn income even after you are 70½ years old and there are no required distributions at any time. In most cases, a Roth IRA Holder may withdraw the principal amounts invested without any tax liability.
- Do you want tax-free earnings and no taxation on withdrawals?
- Are you already saving for retirement with an employer sponsored plan?
- Do you want to invest a retirement plan but may need to access your savings?
- Do you expect your tax rate during retirement to be higher than your current tax rate?
- Do you want to control what types of investments you put in your IRA?
- Are you eligible to contribute to a Roth IRA? (See below)
Roth IRA Eligibility and Income Limits
You can contribute to a Mountain West self-directed Roth IRA if you have taxable income and your modified adjusted gross income (MAGI) is less than:
| 2021 Roth IRA Contribution Income Limits | ||
|---|---|---|
|
Filing Status |
If your MAGI is: |
Contribution Limit |
|
Single or Head of Household |
Less than $125,000 |
Maximum Contribution (i.e. $6,000 if under 50) |
|
$125,000-$140,000 |
Partial Contribution (reduced amount) |
|
|
More than $140,000 |
Not Eligible |
|
|
Married, filing jointly |
Less than $198,000 |
Maximum Contribution (i.e. $6,000 if under 50) |
|
$198,000-$208,000 |
Partial Contribution (reduced amount) |
|
|
More than $208,000 |
Not Eligible |
|
|
Married, filing separately |
$0-$10,000 |
Partial Contribution (reduced amount) |
|
More than $10,000 |
Not Eligible |
|
| Roth IRA Contribution Limits | |
|---|---|
|
Under 50 |
$6,000 |
|
50 and Over |
$7,000 |
SELF-DIRECTED IRA EDUCATION
Click here to download → 2021 Contribution Limits
Click here to download → 2020 Contribution Limits
If you’re looking for self-directed IRA companies, look no further than Mountain West IRA. We take great pride in helping our clients create the IRA retirement plan that will provide you with the solid financial foundation you need to ensure you can live comfortably in your retirement years.
Mountain West IRA is a nationally trusted self-directed IRA administrator. We accept a vast array of alternative investment options so you can create a diverse alternative asset portfolio that yields the results you are looking for to fund your retirement years, while being in control of your retirement.
You can access all of our webinars HERE.
Click here to download → Process Diagram
