With a Roth IRA, you pay taxes now and may enjoy potentially tax-free income later.   The Informed Investor's Guide
		Types of IRAs (continued) The Roth IRA Unlike the traditional IRA, a Roth IRA doesn't offer you a tax deduction for your contributions. Instead, you pay taxes now and may enjoy tax-free income later. This is true provided you hold the Roth IRA for at least five years and don't take distributions before reaching age 59½. If you do, you may owe income tax, and a 10% federal tax penalty may apply. However, there are some
		exceptions: qualifying medical expenses, health insurance premiums, higher education expenses, a first-time home purchase or as a result of death or disability. You can contribute to a Roth IRA as long as you have earned income and your adjusted gross income is below the required thresholds. All contributions must be made with after-tax money. Unlike a traditional IRA, the Roth IRA does not require minimum distributions at any age. There is no penalty when you convert your traditional IRA into a Roth IRA. While you will owe taxes, future earnings in the Roth IRA will accumulate tax-free. If you are single, or married and filing jointly, your adjusted gross income must be less than $100,000 to do a conversion. You are not eligible for a conversion if you are married and filing separately.

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