Self Direct Your Roth IRA: Pay Taxes Now and Enjoy Tax-Free Earnings the Rest of Your Life

One of the best ways to save for retirement is with an IRA Innovations Self Directed Roth Individual Retirement Account. Why? Because the earnings on your investments are free from Federal income tax as long as certain conditions are met. If your current Roth IRA does not allow self-direction, you may transfer funds to an IRA Innovations self directed Roth IRA so that you may choose your investments.

Converting to a Self Directed Roth IRA

Currently, you may jump start a tax-free individual retirement account by converting your Traditional IRA to a self-directed Roth IRA. While this is a taxable event, your earnings will grow tax free. As of 2008, you may convert your current employer plan, such as a 401(k), into a Roth IRA. While this is a taxable event, it does provide you a means of funding your Roth IRA with more than the annual contribution of $6,000 for 2022 and $6,500 for 2023 plus a catch-up provision of $1,000.

Another advantage of a Roth IRA is that contributions may be made even after you are 70½, and you are not required to take distributions. In most cases, a Roth IRA holder may withdraw the principal amounts invested without any tax liability. How to determine if an IRA Innovations self-directed Roth IRA is the right retirement plan for you:

  • You want tax-free earnings and no taxation on withdrawals.
  • You are already saving for retirement with an employer-sponsored plan.
  • Your income does not exceed the income limits for contributing (see below). You want to invest a retirement plan but may need to access your savings.
  • You expect your tax rate during retirement to remain the same or to be at a higher level than your current tax rate.
  • You want to self-direct your IRA investments.

To be eligible to convert your Traditional Individual Retirement Account or employer plan to a Roth IRA or a self directed Roth IRA, you must have a Modified Adjusted Gross Income (MAGI) of $100,000 or less. Another important item to note is that in 2010, the income limit for conversions is eliminated.

Call IRA Innovations at (205) 985-0860 and get started on your self-directed IRA today.

We are never in conflict with your investment decisions because we do not endorse or sell any investment products.