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IRA Comparison

FeaturesTraditional IRARoth IRA
Contribution limit based on incomeNoYes
Contributions are tax-deductiblePotentiallyNo
Age limit to participateYesNo
Earnings’ tax treatmentTax-deferred1Tax-free2
Required Minimum DistributionYesNo
Pay Taxes at time of withdrawalYesNo2
1Earnings on contributions you make to a Traditional IRA will grow tax-deferred, which means you won’t be taxed on earnings until you start making withdrawals from the account (at an eligible age).
2 Withdrawals from Roth IRAs are tax-free and penalty-free if certain requirements are met.

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