Find the best IRA plan with the right features for your retirement. Before you decide on the plan for you, it's always best to consult with your tax professional. The IRA comparison information we're providing is not tax advice. Open an Account or Schedule an appointment. Compare IRA Products.
|Options||Roth IRA||Traditional IRA|
|Choose for||Tax-free growth and withdrawals (contributions are not tax deductible)||Tax-deferred growth until you withdraw it in retirement (contributions may be tax deductible in the year they are made)|
|Contribution Eligibility||Any age with taxable compensation||Anyone with taxable compensation.|
|Deductible Contributions||No one can deduct contributions.||Deductible up to annual contribution limit:
|Maximum Contribution Limits||
Contribution Limits for 2023:
Consult with your tax professional for additional information regarding your contribution options.
Contribution Limits for 2023
Income levels do not affect contribution limits for Traditional IRAs; however, your income may affect the amount you can deduct.
|Tax Deductions||Tax-free when a distribution is taken||Pay no tax until you take distributions|
|Required Minimum Distributions||Not required
||Mandatory at age 72|
|Withdrawals Without Restrictions||
||Withdraw penalty-free for any of the following reasons:
|Annual Deadline for Contributions
||The deadline for filing your annual tax return||The employer's deadline for filing its annual tax return, including any extensions