Making IRA annual contributions
One way to deposit funds into your IRA is by making contributions. There are some restrictions placed on how you can add money to IRAs.
Traditional IRAs – If you’re younger than age 70 ½ and have taxable compensation, you can make a contribution. In some cases, your contributions are tax-deductible in the year they are made and the money you add to your account grows tax-deferred until you take it out in retirement.
Roth IRAs – If you have taxable compensation and meet the eligibility requirements, you can make contributions at any age and qualified distributions are tax free. Keep in mind: your Roth IRA contributions are not tax-deductible.
SEP IRAs – Employers can make retirement contributions for themselves and on behalf of their employees. Personal contributions into a SEP IRA are not permitted.
Get more details on the contribution eligibility requirements and annual deadlines in the comparison chart.