01.Core Concepts

• Contributions are limited to $7,000 (2024), plus an additional $1,000 for taxpayers age 50 or older • Tax-free growth • If a distribution is not a qualified distribution and exceeds contributions (and conversions) to Roth IRAs, distribution will be subject to income tax and may be subject to the 10% penalty • 10% early withdrawal penalty does not apply if used for qualified higher education costs