Downey Savings - Deposit Accounts - Roth Contributory IRA

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	Rollover IRA
	Contributory IRA
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With this plan, contributions are not tax-deductible, but earnings may be tax-free. Depending on your current income and future plans, the Roth IRA may be the choice for you.

Annual contribution limits are the same as the traditional Contributory IRA.*

Contributions are allowed after age 70½ as long as you have earned taxable income.

To participate, your income must fall within certain limitations.

All earnings are tax-free when withdrawn as a "qualified distribution" after a five-year holding period and you meet one of the following conditions:**
- First time home buyer
- Over 59½
- Disability
- Death

If you reach age 50 during the calendar year, an additional catch-up contribution may be made. Ask your tax advisor for details.

Prior tax year contributions will be accepted up until your tax filing deadline. Extensions do not apply.

* These limits are also the aggregate totals for any combination of Traditional or Roth IRAs for any tax year. The contribution limit for non-wage earning spouses is $4,000. Married couples with one income can contribute a maximum of $8,000 annually.

** If funds are withdrawn prematurely, they may be subject to income tax if the owner is under age 59½, and a 10% premature distribution penalty. CD early withdrawal penalties may also apply.

Downey Savings does not provide legal, accounting or tax advice. Please consult with a qualified attorney, financial advisor, or tax advisor to understand how this information may apply to your own personal or business situation.

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