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|Accounts||Roth IRA||Traditional IRA|
|Taxes||• Contributions are not tax-deductible. |
• Earnings can grow tax-free.
|• Contributions may be tax-deductible.
• Earnings can grow tax-deferred.
|Withdrawals||• After age 59½ and if the account has been open 5 years or more, earnings are tax- and penalty-free. |
• Distributions not required.
|• After age 59½, withdrawals are penalty- free, but taxed as current income.
• You must begin taking distributions at age 72.
|Income limitations||• Income restrictions apply.||• Anyone with earned income can contribute to a traditional IRA.
• Contributions may be tax-deductible. (consult your tax advisor)