If you are 50 or older, you may make an additional "catch-up" contribution in addition to the limit discussed above. You may make this "catch-up" contribution of $1,000 in addition to the limit discussed above. You may make this "catch-up" contribution even if you contributed the maximum in previous years.
If ineligible to contribute to a Roth IRA, you can still contribute to a traditional IRA.
Distributions
Contributions (excluding rollovers) may be withdrawn federal income tax-free at any time. Distributions-including capital gains, interest, and dividends-are tax-free if you are at least age 59½ and the account has been established for longer than five tax years. Distributions before age 59½ are also tax-free if you have had a Roth account established for at least five tax years and are taken because of death, disability, or for the purchase of a qualified first home (up to a lifetime cap of $10,000). After contributions are withdrawn, rollovers may also be withdrawn penalty-free after five years following the rollover. Non-qualifying distributions exceeding the total contributions are subject to ordinary income tax and a 10% penalty on the earnings may apply if taken before age 59½. There is no mandatory distribution requirement during the owner's lifetime. Qualified Roth IRA distributions may be subject to state and local taxes, depending upon your state. You should consult your tax advisor for more information.