However, if youâre curious, there is a fascinating system behind ABA numbers. The ABA number is like an address that tells everybody where to find your account. ABA numbers are also known as routing transit numbers (RTNs). âABAâ is used because the American Bankers Association (ABA) assigns the numbers to banks.
In contrast to a traditional IRA, contributions to a Roth IRA are not tax-deductible. Withdrawals are tax-free under certain conditions (for example, if the withdrawal is only on the principal portion of the account, or if the owner is at least 59Â½ years old).
1 Your contributions are made with after-tax dollars; no deduction is available. 2  Your contribution limit is $5,500 (or 100% of compensation, whichever is less) for total contributions made to all traditional and Roth IRAs.3  If you are age 50 and older, you can make an additional catch-up contribution of up to $1,000.ontributions. 1  Your contributions are made with after-tax dollars; no deduction is available. 2  Your contribution limit is $5,500 (or 100% of compensation, whichever is less) for total contributions made to all traditional and Roth IRAs.