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Traditional vs. Roth IRA

Traditional IRARoth IRA
TaxesAllows you the benefit of tax deferred growth on your investments and the possibility of tax-deductible contributions Contributions are always made on an after tax-basis
(NEW LIMIT) Maximum Contributions$5,500 in 2013$5,500 in 2013 or 100% of your annual compensation: Whichever is less
Catch-up Contributions$1,000 in 2013 $1,000 in 2013
RestrictionsCannot contribute if you will be 70 ½ by the end of the year, Must have earned income Qualification is tied to certain modified adjusted income limits. Must have earned income
Deadline for FundingApril 15, unless the date falls on a weekend or HolidayApril 15, unless the date falls on a weekend or Holiday

The information provided herein is for reference only and does not purport to give tax or legal advice.  Please consult your tax or legal adviser for more information regarding this material.

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