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Traditional IRA Roth IRA Rollover IRA SEP IRA SIMPLE IRA

Eligibility

  • Individuals under the age of 70½ with earned income
  • Non-compensated spouses of individuals with earned income filing joint tax returns

Individuals with earned income, and an Adjusted Gross Income (AGI) less than $112,000 if single and less than $188,000 if married filing jointly

Individuals who have changed jobs or retired and have a former employer’s plan [i.e., 401(k), 403(b)] may be eligible to roll over to a Rollover IRA

Must be a sole proprietor, a business owner, in a partnership or earn self-employment income by providing a service

  • Employer must have 100 or fewer employees who earned at least $5000 in the preceding year
  • Employer cannot have any other retirement plan

Annual Contribution Limit

$5,500 if below 50 years of age; $6,500 if between 50 and 70 (not to include the 70½ year); or 100% of eligible compensation, whichever is less

 

$5,500 if below 50 years of age; $6,500 if age 50 and above; or 100% of eligible compensation, whichever is less

 

There is no limit to the amount that can be rolled over from a qualified employer's plan to a Rollover IRA.

Can vary each year between 0%–25% of compensation (maximum $51,000 for 2013). Each eligible employee must receive the same percentage.

  • Plan sponsor: Mandatory 3% matching contribution or 2% non-elective contribution
  • Participant: Up to 100% of compensation up to $11,500 ($14,000 if age 50 or older) annually
Contributions Tax Deductible Contributions may be tax deductible; consult your tax advisor for details No A Rollover IRA is a type of Traditional IRA with the same tax benefits. Minimum required distributions are not eligible to be rolled over to an IRA Deductible as a business expense Deductible as a business expense
Interest Taxed Yes; interest earned is taxed on withdrawal No; interest earned on a Roth IRA is tax exempt for qualified withdrawals Yes; interest earned is taxed on withdrawal Yes; interest earned is taxed on withdrawal Yes; interest earned is taxed on withdrawal
Required Distribution Funds distribution must begin when owner reaches the age of 70½ None Funds distribution must begin when owner reaches the age 70½ Minimum required distributions starting at age 70½ Minimum required distributions starting at age 70½

Withdrawals

Minimum required distributions starts at age 70½. 10% early withdrawal penalty applies if under the age of 59 ½.

  • Assets must be on deposit for at least five years
  • Owner must be over 59½ or disabled, deceased or a first-time home buyer

Minimum required distributions starts at age 70½. 10% early withdrawal penalty applies if under the age of 59 ½.

10% early withdrawal penalty if under age 59½, subject to certain exceptions

10% early withdrawal penalty (25% for the first two years of plan participation) if under age 59½, subject to certain exceptions

Investment Options We offer a wide range of investment options for your IRA, including mutual funds, stocks, bonds, US Treasuries, FDIC-insured CDs, annuities and ETFs. We offer a wide range of investment options for your IRA, including mutual funds, stocks, bonds, US Treasuries, FDIC-insured CDs, annuities and ETFs. We offer a wide range of investment options for your IRA, including mutual funds, stocks, bonds, US Treasuries, FDIC-insured CDs, annuities and ETFs. We offer a wide range of investment options for your IRA, including mutual funds, stocks, bonds, US Treasuries, FDIC-insured CDs, annuities and ETFs. We offer a wide range of investment options for your IRA, including mutual funds, stocks, bonds, US Treasuries, FDIC-insured CDs, annuities and ETFs.
Contribution Deadline Federal income tax return filing deadline for the year, usually April 15 Federal income tax return filing deadline for the year, usually April 15 If you receive the funds directly from your retirement account, you have 60 days to complete the rollover to an IRA to avoid a distribution.

Employers may contribute until the business tax filing deadline for the year, including extensions.

Federal income tax return filing deadline for the year, usually April 15