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Compare IRAs

Find the IRA that’s right for you with this comparison chart.

  Traditional IRAs Roth IRAs SEP IRAs
Eligibility
  • You must be under age 70½ and earning income (or be filing jointly with an income-earning spouse)
  • Income must be at least equal to the contribution
  • No age limit
  • If single, your MAGI1 is no more than:
    2012: $125,000
    2013: $127,000
  • If you file jointly, your MAGI is no
  • more than2:
    2012: $183,000
    2013: $188,000
  • Individuals who are self-employed
  • May include part-time income
Tax Advantages
  • Qualified contributions and earnings tax-deferred until withdrawal
  • Contributions are fully tax-deductible if individual is not an active participant in an employer’s retirement plan (income limits apply otherwise)
  • Catch-up contribution of $1,000 also permitted for individuals 50 years of age and older
  • Funds may be withdrawn after you reach 59½; at age 70½ withdrawals are required
  • Earnings grow tax-free
  • Contributions (principal) may be withdrawn tax-free and penalty-free at any time
  • Withdrawals of earnings may be made without federal penalty or tax liability for qualifying reasons
  • Catch-up contribution of $1,000 also permitted for individuals 50 years of age and older
  • Contributions may be tax-deductible
  • Earnings are tax-deferred until withdrawal
Maximum Annual Contributions3 2012: $5,000
($6,000 if age 50 or older)

2013: $5,500
($6,500 if age 50 or older)
2012: $5,000
($6,000 if age 50 or older)

2013: $5,500
($6,500 if age 50 or older)
2012: 25% of your income or $50,000, whichever is less

2013: 25% of your income or $51,000, whichever is less

 


1 MAGI - Modified Adjusted Gross Income from your federal tax form.
2 For the latest income requirements, consult your tax adviser.
3 A penalty may apply for early withdrawal of funds.

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