Roth IRAs are really popular because they give you tax-free withdrawals in retirement, but they also have some of the trickiest rules of any major retirement account.

If you hope to get the greatest value out of yours while avoiding costly penalties, you need to know the following three things about your Roth IRA.

Not everyone can contribute to a Roth IRA. Most workers can set aside up to $7,000 to one of these accounts in 2024 if they're under 50 or $8,000 if they're 50 or older. But some high earners have a lower contribution cap, and some can't contribute directly to a Roth IRA at all.

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Source Fool.com