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Traditional IRA |
Roth IRA |
| 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 2018-2019 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:
- 2018 Limit: $5,500. $6,500 if you’re age 50 or older by the end of the year.
- 2019 Limit: $6,000. $7,000 if you're age 50 or older by the end of the year.
- your taxable compensation for the year.
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| What is the deadline to make contributions? |
Your tax return filing deadline (not including extensions). For example, you have until April 15, 2019, to make your 2018 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. |
