A Roth IRA is an IRA that, except as explained below, is subject to the rules that apply to a traditional IRA.
  • You cannot deduct contributions to a Roth IRA.
  • If you satisfy the requirements, qualified distributions are tax-free.
  • You can make contributions to your Roth IRA after you reach age 70 ½.
  • You can leave amounts in your Roth IRA as long as you live.
  • The account or annuity must be designated as a Roth IRA when it is set up.
The same combined contribution limit applies to all of your Roth and traditional IRAs.

Contributions -
For 2020, your total contributions to all of your traditional and Roth IRAs cannot be more than:
  • $6,000 ($7,000 if you're age 50 or older), or
  • your taxable compensation for the year, if your compensation was less than this dollar limit.
For 2019, the limits are the same as 2020.
For 2018, 2017, 2016 and 2015, your annual total contributions to all of your traditional and Roth IRAs cannot be more than:
  • $5,500 ($6,500 if you're age 50 or older), or
  • your taxable compensation for the year, if your compensation was less than this dollar limit.                                                                  (For more information on contributions, please consult your tax professional)

What’s New for 2020 - Required minimum distributions (RMDs). For distributions required to be made after December 31, 2019, the age for beginning mandatory distributions is changed to age 72 for IRA owners reaching age 70 ½ after December 31, 2019. The required beginning date for IRA owners who haven't reached age 70 1/2 by the end of 2019 is April 1st of the year following the year of the owner’s 72nd birthday.
Modification of required distribution rules for designated beneficiaries. There are new required minimum distribution rules for designated beneficiaries upon the death of the IRA owner after December 31, 2019. All distributions must be made by the end of the 10th year after death, except for distributions made to certain eligible designated beneficiaries.
"IRS Website" Irs.gov, 10-Jan-2020
IRS Website