A continuance without a finding (also sometimes called a continuation without a finding), or a CWOF (pronounced âquaffâ). It is similar to a nolo contendere or no contest plea in other states.
Every fall, the IRS announces the contibution and income limits for the next calendar year. For 2016, these limits see very minor changes. (The information below also includes the limits for 2015.) Contribution Limits Unchanged The total amount you can contribute to either a Roth IRA or a Traditional IRA remains unchanged at $5,500. People â¦ Continued
While Traditional IRAs allow for tax-deferred growth of retirement assets, qualified Roth IRA withdrawals are tax-free, as long as you hold the Roth for at least five years and are at least age 59 1/2*. Withdrawals may be subject to a 10% IRS tax penalty if distributions are taken prior to age 59 1/2. There is no limit to the number of conversions you can do, so you may convert smaller amounts over several years. 2  Your time horizon. 3  Generally, if you will need the funds within the next five years, a Roth IRA is not a good choice.