Know the Facts on a GuideStone® Roth IRA
Why should I consider a Roth IRA?
- If you expect to retire in a higher tax bracket
- If you want to invest more than your employer’s retirement plan allows
- If you want to receive tax-free income during retirement in return for taxed contributions
- If you want to access contributions without penalty (if certain conditions are met)
- If you want the ability to make contributions after age 70½
- If you want to open an IRA for your spouse or family member
What are the potential advantages of a Roth IRA?
- Contributions are allowed at any age. (See IRS maximum contribution limits.)
- Qualified distributions are tax-free.
- Participants over age 50 have expanded contribution limits.
- No required withdrawals at age 70½.
- Assets can be invested in our award-winning,1 faith-based Funds.
Learn more about our investment industry recognition as a Lipper Fund Award recipient from Refinitiv.
Who is eligible to contribute?
- Must have U.S. taxable earned income
- No age limit
- Must be within IRS income limits for the current tax year
How much can I contribute to my Roth IRA?
- If you’re under age 50, you can contribute up to $6,000 annually.*
- If you’re age 50 or older, you can contribute up to $7,000 annually.*
*Or your annual household income, whichever is less. Based on IRS contribution limits.
What are the income limits for Roth IRA conversions?
There are no Modified Adjusted Gross Income limitations on Roth IRA conversions. This means that many investors who were formerly ineligible to convert a tax-deferred account or Traditional IRA to a Roth IRA may be eligible. To do so, taxes must be paid on any deductible contributions and earnings (taxes must be paid for the tax year that the conversion took place).
Contact GuideStone for more information if you’re interested in converting to a Roth IRA.
What are the potential limitations on withdrawals?
A Roth IRA differs from a Traditional IRA in that you may withdraw your contributions at any time without any tax implications.
However, to avoid penalties and taxes on the withdrawal of earnings, you must own the Roth IRA for at least five years, be age 59½ or older or make a withdrawal for one of the following reasons:
- First-time home purchase expenses to buy or build a home for yourself or your parents, children or grandchildren ($10,000 lifetime maximum)
If the reasons above do not apply, you may avoid the 10% penalty, but taxes on earnings will still apply if you withdraw funds for the following reasons:
- Higher education expenses for yourself or your immediate family members
- Certain medical expenses
- Withdrawals made in equal installments over the account holder’s life expectancy
How do I start an online application?
Open an account
Can I print an application?
Download, print and complete a Roth IRA application
Please review the following information:
Roth IRA Disclosure Statement
Roth IRA Custodial Agreement
What if I would like to complete a rollover or transfer of assets?
Complete and submit this form to perform a direct rollover or transfer of assets:
Roth IRA Transfer of Assets/Direct Rollover Form
Complete and submit this form to perform an indirect rollover:
Roth IRA Rollover Certification Form
Where should I mail the completed application?
First-Class Mail® address:
P.O. Box 9834
Providence, RI 02940-8034
Overnight express address:
c/o BNY Mellon Investment Servicing (US) Inc.
4400 Computer Drive
Westborough, MA 01581-1722
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