Earnings Requirement

• To make a contribution into a Roth IRA, you must have earned income for the year the contribution is made. A married couple filing joint returns can also make a contribution for both spouses -- in separate Roth accounts -- even if one spouse is the only income earner. The income requirement does exclude some from opening a Roth IRA, which can be perceived as an age issue. A minor is allowed to open an IRA, but may not have the income making him eligible. A senior citizen is not restricted from contributing to the Roth but might not have earned income.
  
  

Minimum Contributions

• There is no minimum contribution requirement defined by the IRS into Roth IRA plans. This means that a minor with a summer job earning $500 is allowed to contribute up to $500. The minor can contribute $25 if the custodian allows it. Contributions can come from the minor or be gifted by a parent or grandparent. Custodians may have minimum investment requirements. Minimum requirements apply to minors, working adults and retired individuals who may still have part-time income streams.
  
  

Required Minimum Distribution Age

• Traditional IRAs are tax-deferred, with distributions added to annual adjusted gross income (AGI). Once a traditional IRA owner reaches age 70 1/2, he must take annual required minimum distributions (RMDs). Even if the owner is still earning income, he must stop contributing to the traditional IRA. Roth IRA owners are not concerned with RMD requirements because contributions are after-tax and distributions are tax-free. The IRS does not restrict Roth owners from making further contributions beyond the traditional IRA RMD threshold.
  
  

Taking Distributions

• While no age limits exist for contributions, there are age restrictions for taking distributions from Roth IRAs. The age threshold determines if distributions are tax-free, also known as "normal distributions." Normal distributions start at age 59 1/2 for Roth IRAs. However, the Roth IRA must also exist for at least five years before the first distribution is taken. This means IRA owners who converted to Roth IRAs at age 60 must wait until age 65 to get tax-free distributions. Early distributions are allowed, with principal amounts still distributed tax-free. Earnings are added to AGI and penalized 10 percent.