IRA Account Type Chart
If the chart below does not appear fully displayed, use the scroll bar at the bottom of the chart to view all the available IRA account types.
| Traditional | Roth | Simplified Employee Pension (SEP) | Coverdell Education Savings Account (ESA) | |
|---|---|---|---|---|
Contribution Limit |
$5,000/year |
$5,000/year |
See tax advisor |
$2,000 per child/year |
Annual Custodial Fee |
$10 |
$10 |
$10 |
$10 |
Eligibility |
Earned Income from employment Under 70 ½ | Earned income from employment No age limit | Earned Income from employment Under 70 ½ |
|
Tax Benefits * May be tax-deductible |
Contributions* You may qualify for a tax credit Money grows tax deferred Withdrawals are taxed |
Contributions are after-tax Contributions are not tax deductible Money grows tax deferred Qualified withdrawals are not taxed |
Contributions* You may qualify for a tax credit Money grows tax deferred Withdrawals are taxed |
No tax deductions Qualified withdrawals are tax-free Money grows tax-deferred |
Withdrawals |
Allowed at age 59 ½ RMDs begin at age 70 ½ Withdrawals are added to taxable income Early withdrawals may incur taxes and tax penalties Transfers and rollovers are not taxable events |
Allowed at age 59 ½ IRA must be established for 5 years No RMD Withdrawals are not added to taxable income Early withdrawals may incur a tax penalty Transfers and rollovers are not taxable events |
Allowed at age 59 ½ RMDs begin at age 70 ½ Withdrawals are added to taxable income Early withdrawals may incur taxes and tax penalties Transfers and rollovers are not taxable events |
Allowed for qualified education expenses before age 30 Other withdrawals may incur tax penalties Transfers and rollovers are not taxable events |