Review the various options below to decide what type of IRA is right for you.
|Eligibility||Contribution Limits||Withdrawal Guidelines|
|Earnings||Contributions||Under Age 50||Age 50 or Older|
|Traditional||Tax Deferred||Potentially Deductible||$5,500 for the 2013 and 2014 tax years||$6,500 for the 2013 and 2014 tax years|
|Roth||Tax Free||Not Deductible||$5,500 for the 2013 and 2014 tax years||$6,500 for the 2013 and 2014 tax years|
|SEP||Tax Deferred||Tax Deductible (some limitations apply)||Anyone who:|
Whichever is highest limit
|SIMPLE||Tax Deferred||Tax Deductible (some limitations apply)||Anyone who:|
|$12,000 for the 2013 and 2014 tax years||$14,500 for the 2013 and 2014 tax years|
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The tax information contained herein is not intended to be used, and cannot be used, by any taxpayer for the purpose of avoiding tax penalties that may be imposed on the taxpayer. Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor.
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