An IRA that allows for non-deductible contributions and provides tax-free qualified distributions after age 59 1/2 is known as what?

A Roth IRA is specifically designed to allow for non-deductible contributions, meaning the funds you contribute are made with after-tax dollars. This structure is beneficial because it leads to tax-free qualified distributions after you reach the age of 59½, provided certain conditions are met, such as having the account open for at least five years. This feature makes it an attractive option for individuals planning for retirement who want their withdrawals to be tax-free.

In contrast, other types of IRAs, like a Traditional IRA, involve tax-deductible contributions, but the distributions are taxed as ordinary income upon withdrawal. A SEP IRA and a SIMPLE IRA are both employer-sponsored retirement plans that typically involve different contribution limits and tax scenarios, but they do not provide the tax-free distribution advantage of the Roth IRA. Therefore, the characteristics of a Roth IRA clearly align with the description given in the question.