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Compare How Traditional and Roth IRAs Help Save Money
Both traditional and Roth IRAs help you save money for your
retirement but offer
different advantages. Here are highlights of some of their
similarities and
differences:
Features Traditional IRA Roth IRA
Eligibility to contribute You can contribute if you(or your
spouse if filing
jointly) have taxablecompensation but notafter you are age70 or
older.
Regardless of your age,you can contribute if you(or your spouse
if filing
jointly) have taxablecompensation and yourmodified adjusted
grossincome is below certainamounts (see 2012 and2013 amounts).
Type of contributions You candeductyourcontributions if
youqualify.
You can only make after-tax (non-deductible)contributions.
Contribution limits The most you can contribute to all of your
traditionaland Roth IRAs is the smaller of:
For 2012, $5,000, or $6,000 if youre age 50 orolder by the end
of the year ($5,500 or $6,500 for2013); or your taxable
compensation for the year.
Contribution deadline Yourtax returnfiling deadline (not
includingextensions). For example, you can contribute for2012 until
April 15, 2013.
Withdrawals You can withdraw money anytime.Required minimum
distributions You must start taking
distributions by April 1following the year inwhich you turn 70
andby December 31 of lateryears.
Not required if you arethe original owner.
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Tax on withdrawals anddistributions
You must include in grossincome any deductiblecontributions
andearnings that aredistributed and may haveto pay an additional
10%early withdrawaltaxunless you are age 59or qualify for
anotherexception.
None, if its a qualifieddistribution. Otherwise,part of the
distributionmay be taxable and youmay have to pay anadditional 10%
earlywithdrawal tax unless youare age 59 or qualify foranother
exception.
For more information on IRS tax relief and achieving a tax
resolution to your IRS matter,
visitwww.LandmarkTaxGroup.com or call us at 1-714-382-6780 for a
FREE and
CONFIDENTIAL consultation with former IRS Personnel.
Landmark Tax Group is licensed by the IRS to help individuals
and small businesses resolve
their IRS problems with back taxes, unfiled tax returns, back
tax liens, offers in compromise,
wage garnishment, bank levies, installment agreements/payment
plans, innocent spouse claims,
audits, payroll taxes, bankruptcy, tax refunds, andmore.
We proudly serve Americas taxpayers in all 50 States and U.S.
Territories.
Contact: Michael Raanan, MBA, EAPresident
Former IRS Revenue Officer
Enrolled Agent admitted to practice before the Internal Revenue
Service
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