|Who can contribute?
||You can contribute if you (or your spouse if filing jointly) have taxable compensation but not after you are age 70½ or older.
||You can contribute at any age if you (or your spouse if filing jointly) have taxable compensation and your modified adjusted gross income is below certain amounts (see 2014 limits).
|Are my contributions deductible?
||You can deduct your contributions if you qualify.
||Your contributions aren’t deductible.
|How much can I contribute?
The most you can contribute to all of your traditional and Roth IRAs is the smaller of:
- 2014 Limit: $5,500. $6,500 if you’re age 50 or older by the end of the year.
- 2015 Limit: $5,500. $6,500 if you're age 50 or older by the end of the year.
- your taxable compensation for the year.
|What is the deadline to make contributions?
||Your tax return filing deadline (not including extensions). For example, you have until April 15, 2014, to make your 2013 contribution.
|When can I withdraw money?
||You can withdraw money anytime.
|Do I have to take required minimum distributions?
||You must start taking distributions by April 1 following the year in which you turn age 70½ and by December 31 of later years.
||Not required if you are the original owner.
|Are my withdrawals and distributions taxable?
||Any deductible contributions and earnings you withdraw or that are distributed from your traditional IRA are taxable. Also, if you are under age 59 ½ you may have to pay an additional 10% tax for early withdrawals unless you qualify for an exception.
||None if it’s a qualified distribution (or a withdrawal that is a qualified distribution). Otherwise, part of the distribution or withdrawal may be taxable. If you are under age 59 ½, you may also have to pay an additional 10% tax for early withdrawals unless you qualify for an exception.