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What are the different types?
Traditional vs. Roth IRAs
- Roth IRAs
"A Roth IRA is an IRA that, except as explained below, is subject to the rules that apply to a traditional IRA."
- Contribution Limits
"For 2020, your total contributions to all of your traditional and Roth IRAs cannot be more than: $6,000 ($7,000 if you're age 50 or older), or your taxable compensation for the year, if your compensation was less than this dollar limit."
- Roth IRA Contribution Limits
"The same combined contribution limit applies to all of your Roth and traditional IRAs. Your Roth IRA contribution might be limited based on your filing status and income."
- Deduction Limits
"Your deduction may be limited if you (or your spouse, if you are married) are covered by a retirement plan at work and your income exceeds certain levels. Roth IRA contributions aren’t deductible."
- Required Minimum Distributions
"You cannot keep retirement funds in your account indefinitely. You generally have to start taking withdrawals from your IRA, SIMPLE IRA, SEP IRA, or retirement plan account when you reach age 70½. Your required minimum distribution is the minimum amount you must withdraw from your account each year."