You get no income tax deduction for the contribution to a Roth IRA, but all income is earned tax free, and when you withdraw the principal or income it will be tax free if you comply with the rules. Contributions:
Earned income (interest, dividends or gains) up to $3,500 if under 50 years of age. The working spouse can contribute for the non-working spouse either $3,000 or $3,500 depending on the non-working spouse's age as set out above. You are eligible only if your adjusted gross income is $160,000 or less and you file a joint return, or $110,000 if you file a single return. Withdrawals:
There is no required withdrawal at any age. Withdrawals of your principal and earnings are tax free only if you have had the account open for 5 years and are at least 59½ years of age or older.