I am 72 yrs old, can I put $6500 in a Roth IRA and reduce my federal taxes this year 2015?
Answers | 4
Any other questions feel free to call me, best of luck.
Regardless of the tax credit, it is still a great place to put your money as it grows tax free; if you established the Roth at least 5 years ago or more, you can access all of the money, tax and penalty free at any time.
If you just opened the Roth you can take your principle out at anytime, however the government would impose taxes on the earning if distributed within 5 years of establishing the account. Since you are over 59.5, regardless as to whether you just opened the account or have had it for many years, you would never be subject to the 10% penalty.