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montys5
New Member

What is the difference between a open and closed Roth IRA? If I am retired and no longer contribute to a Roth IRA but have a balance, is that a closed IRA

 
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Lisa995
Level 12

What is the difference between a open and closed Roth IRA? If I am retired and no longer contribute to a Roth IRA but have a balance, is that a closed IRA

If you still have money in there then the account is still open.

♪♫•*¨*•.¸¸♥Lisa♥ ¸¸.•*¨*•♫♪

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2 Replies
Lisa995
Level 12

What is the difference between a open and closed Roth IRA? If I am retired and no longer contribute to a Roth IRA but have a balance, is that a closed IRA

If you still have money in there then the account is still open.

♪♫•*¨*•.¸¸♥Lisa♥ ¸¸.•*¨*•♫♪

View solution in original post

PaulaM
Expert Alumni

What is the difference between a open and closed Roth IRA? If I am retired and no longer contribute to a Roth IRA but have a balance, is that a closed IRA

If you have a Roth IRA with a balance, it is still open until you withdraw the entire amount or move it to another Roth IRA.

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