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For Individual Investors in the US

ACCOUNT TYPES

Roth IRA Account

A Roth Individual Retirement Account (Roth IRA) allows a person who does not exceed certain income limits to invest money by making non tax-deductible contributions that can grow tax-deferred and potentially be withdrawn tax free. Working taxpayers and nonworking spouses of any age may be eligible to open a Roth IRA.

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You should consider a Roth IRA if you:

  • Are looking for tax-deferred growth with tax-free withdrawals when you retire
  • Are already covered by an employer retirement plan and your income is too high to make deductible contributions to a Traditional IRA
  • Think your taxes will be higher when you retire

Is a Roth IRA right for you?

Although there are income limitations, some investors can receive greater tax savings and more distribution flexibility with a Roth IRA than with a Traditional IRA. It may be a solution when looking for tax savings in the future.

Tax Features

What are the tax features? Expand

Contributions are made after-tax so you cannot deduct them from your taxable income. However, assets in the Roth IRA can grow tax-deferred and qualified distributions are tax free.

A tax strategy in retirement

The tax benefits of a Roth IRA come into play when money is withdrawn. Since qualified distributions are tax free, they are not considered income. This can be used as a helpful tool to optimize your taxable income in retirement. For example, if in retirement you are drawing from a 401(k), but you don’t want to draw more than a certain amount because the income will boost you into a larger tax bracket, you might consider withdrawing some from your Roth IRA to limit your total taxable income.

Investments

How much can I invest? Expand

The amount you can invest to a Roth IRA depends on how much modified adjusted gross income (MAGI) you earn and the contribution limits set by the IRS. These limits can change each year. Also, if you have reached age 50 on or before December 31 of the year in which the contribution is being made, you may be eligible to contribute an additional amount called a “catch-up” contribution of $1,000. However, your Roth IRA contribution can’t exceed your earned income for that tax year. The maximum eligible contribution is $6,000 for 2022 and $6,500 for 2023.

Please refer to the Roth IRA tax year contribution limits to determine if you are eligible to contribute. Your exact contribution amount can be calculated using the worksheets found in IRS Publication 590.

What are the investment minimums? Expand

Minimum initial investment to open a Roth IRA at Janus Henderson is $100 with an automatic investment of at least $50. If you don't establish an automatic investment, the minimum initial investment is $1,000. Subsequent one-time purchases must be at least $50.

What happens if I invest too much? Expand

Investments made to an IRA or retirement account that are above allowable limits are called excess contributions. This can also happen if you were ineligible to contribute in the first place. In either scenario, excess contributions may be subject to additional taxes or penalties.

There may be several methods to remedying an excess contribution, but it’s always best to consult a certified tax advisor to find which solution works best for your situation. Contact us to learn about your excess contribution options with Janus Henderson.

Are there any investment deadlines? Expand

Yes. You can contribute to a Roth IRA for a specific tax year starting January 1 of that year and you must make all contributions for the tax year by the tax filing deadline, which is typically April 15 of the following year.

Generally, you cannot make contributions after that date even if you file for an income tax extension.

Fees

What are the fees for a Roth IRA? Expand

There is no cost to open an account and no annual maintenance fees when account minimum thresholds are met.

Withdrawals

How do I request an account withdrawal? Expand

Depending on the account options you have selected, you may redeem shares by telephone, online or in writing.

Since initial contributions to the Roth IRA are made after tax, they can be withdrawn at any time without taxes or penalty. However, any earnings may be taxed and penalized for non-qualified withdrawals.

The 5-Year Rule

Generally, in order to be eligible for qualified distributions, a person must have established a Roth IRA account for at least five years. In addition, any retirement assets that are converted to a Roth IRA must have a 5-year holding period before distributions can be considered qualified.

Typically, withdrawals from a Roth IRA are tax free after you turn age 59½. There are also no penalties on withdrawals after you turn age 59½ and you meet the 5-year rule. Withdrawing prior to age 59½ may result in a 10% early withdrawal penalty and earnings are taxed as current income.

If you need to withdraw prior to 59½, check to see if these exceptions to the penalty apply.

Am I required to take money out of the account? Expand

Roth IRAs do not have required minimum distributions, unless you have inherited a Roth IRA.

Helpful Information

What other information might be helpful to know? Expand

If you meet the eligibility requirements and have earned income, you can contribute to a Roth IRA, regardless of your age. And Roth IRAs could be a beneficial vehicle to pass money tax-free to your heirs.

If you’re not eligible to contribute to a Roth IRA due to income restrictions, consider contributing to a Traditional IRA, then converting to a Roth since there is no income limit to do so.

The Janus Henderson Universal IRA Disclosure Statement and Custodial Agreement provides complete details about IRA accounts at Janus Henderson.

Start Investing Today

Today there are many uncertainties about what retirement will bring. Regardless of what stage of life you’re in, we can help you evaluate your needs and find solutions. Contact a Janus Henderson Retirement Specialist or download the Roth IRA application and apply today.

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Roth IRA Application

Related Content

TOOLS & CALCULATORS

Retirement Planner

Get a clear picture of your retirement goals and estimate how much you should save with the Janus Henderson Retirement Planner.

See Tool

RETIREMENT PLANNING

Converting Your Traditional IRA

Converting your Traditional IRA to a Roth IRA, or what is also known as an IRA conversion, may be one strategy to keep your retirement goals on track.

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Investing involves risk, including the possible loss of principal and fluctuation of value.

An IRA should be considered a long-term investment. IRAs generally have expenses and account fees, which may impact the value of the account. Non-qualified withdrawals may be subject to taxes and penalties. Maximum contributions are subject to eligibility requirements. For more detailed information about taxes, consult IRS Publication 590 or a tax professional regarding personal circumstances.

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