Traditional
If you (and your spouse if married) are not covered by an employer-sponsored plan, contributions are fully deductible (no income limits).
If you (or your spouse if married) are covered by an employer-sponsored plan, the deduction may be reduced or phased out until it is eliminated, depending on filing status and income.
If you are covered by an employer-sponsored retirement plan, contributions are partially or fully deductible only if your Adjusted Gross Income (AGI) is:
- Less than (single filer) tax year
- Less than (joint filer) tax year
- Less than (single filer) tax year
- Less than (joint filer) tax year
- Less than (single filer)
- Less than (joint filer)
If you are not covered by an employer-sponsored plan but your spouse is, the deduction is phased out if the couple’s combined income is between and .
If you (and your spouse if married) are covered by an employer-sponsored plan and your AGI is above these limits, you can still contribute to a Traditional IRA, but your contributions will not be deductible.
Contributions are allowed at any age provided you have earned income.
Earnings grow tax-deferred
Withdrawals after age are taxed at your ordinary income tax rate.
Roth
Contributions are made with after-tax dollars. You can contribute to a Roth IRA if your Adjusted Gross Income (AGI) is:
- Less than (single filer) tax year
- Less than (joint filer) tax year
- Less than (single filer) tax year
- Less than (joint filer) tax year
- Less than (single filer)
- Less than (joint filer)
Contributions are allowed at any age provided you have earned income.
Earnings grow tax-free
Withdrawals of your original contributions are free of federal taxes and penalties at any age.
Withdrawals of your earnings are income tax and penalty-free, if you have had the IRA for five years and you are one of the following:
- or over
- Using the funds for a qualified first-time home purchase.
- Become disabled or die.