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.
You're interested in both tax-free growth and withdrawals. Roth IRA contributions are not tax-deductible.
You prefer your money to grow tax-deferred until you withdraw it in retirement. In many cases, your contributions are tax-deductible in the year they are made.
- You're a business owner or self-employed
- You're an employee of a business with a SEP IRA
Any age with taxable compensation
- $5,500 if under age 50
- $6,500 if age 50 or older
These contribution limits apply to Single filers with income of less than $114,000 or less Joint filers with income of less than $181,000.
Contribution limits for 2013 and 2014 begin to decrease when income exceeds these amounts.
- $5,500 if under age 50
- $6,500 if age 50 or older
Income levels do not affect contribution limits for Traditional IRAs; however, your income may affect the amount you can deduct.
- Employer contributions that are lesser of 25% of employee's compensation, or $52,000
- For self-employed individuals the limit is generally 20% of net earnings
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Contribution limits for 2013
Contribution Limits for 2013:- $5,500 if under age 50
- $6,500 if age 50 or older
These contribution limits apply to Single filers with income of $110,000 or less or Joint filers with income of $173,000 or less.
Contribution Limits for 2013:- $5,500 if under age 50
- $6,500 if age 50 or older
Contribution Limits for 2013:- Employer contributions that are lesser of 25% of employee's compensation, or $51,000
- For self-employed individuals the limit is generally 20% of net earnings
Contributions are not deductible
Depends on:
- Your earnings
- Whether you participate in an employer's retirement plan
- Your filing status
- If you receive Social Security Benefits
If employer contributions exceed certain limits, employees can't deduct their employer's contribution to their SEP plan. If you are self-employed, you can generally deduct the contributions you make each year to your own SEP IRA.
Tax-free when you take distributions
Pay no taxes until you take distributions
- Distribution of an original contribution is always tax and penalty free.
- Any earnings and conversion dollars (from other retirement plans) are tax free after the IRS' 5 year aging requirement has been met AND you are 59½ or older; otherwise, you could incur a 10% penalty.
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Taxable
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Could include a 10% penalty if made before age 59½
Not required
Mandatory at age 70½
The deadline for filing your annual tax return.
The employer's deadline for filing its annual tax return, including any extensions.