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| Annual Contribution | Single - lesser of 100% of earned income or $6,500.00.
Married - $13,000.00 ($6,500.00 for each spouse).
Contributions may be tax-deductible if certain eligibility requirements are met.
IRA Catch-up contributions will be allowed for individuals who are age 50 or over before the end of each tax year. For the tax year 2023, the catch up amount is $1,000.00. | Single - lesser of 100% of earned income or $6,500.00.
Married - $13,000.00 ($6,500.00 for each spouse).
Contributions may be tax-deductible if certain eligibility requirements are met.
IRA Catch-up contributions will be allowed for individuals who are age 50 or over before the end of each tax year. For the tax year 2023, the catch up amount is $1,000.00. |
| Withdrawals | May be taxed as ordinary income. | Tax-free and IRS penalty-free; some restrictions apply.
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| Contribution Age Limit | No age limit. | No age limit. |
| Minimum distribution requirements | Begin the year the IRA Owner reaches age 72. | No required distributions prior to death.
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| Rollovers | May convert to a Roth IRA; some restrictions apply.
May roll over distributions from qualified retirement plans; some restrictions apply. May roll over to another traditional IRA; some restrictions apply. | May roll over to another Roth IRA; some restrictions apply-
May roll over distributions from qualified retirement plans; some restrictions apply.
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| IRS penalty free withdrawals | Yes, penalty exceptions apply, including first-time home purchase and higher education. | Yes, penalty exceptions apply, including first-time home purchase and higher education.
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| Additional Highlights | Tax deduction based on income levels if covered by employer's retirement plan (or if spouse of plan participant). | Participation is based on income levels.
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