Not sure? Compare Individual Retirement Accounts
A variety of Individual Retirement Accounts for the way you want to bank
Traditional Individual Retirement Account
ROTH IRA
SEP-IRA
Choose Your Plan
Learn more about IRA plans
Traditional Individual Retirement Account
Features & Benefits
- Tax-deferred retirement accounts for individuals and their spouses featuring interest, safety of principal and no fees.
Suitable For
- If you or your spouse has earned income
- If you can take advantage of the tax deduction
Special Feature
- Earnings accumulated tax deferred.
- Contributions may be tax deductible
- May be used in conjuction with a Roth IRA subject to contribution limits.
Eligibility Requirements
- Must be younger than 70.5 years.
- You or your spouse has earned income or receive taxable alimony.
Contributions
- Annual contributions of up to $5,500 ($6,500 for those 50 or over)
- ual contributions of up to $5,500 ($6,500 for those 50 or over)
- or 100% of taxable compensation, whichever is less.
Distributions
- Attainment of age 59.5 yrs.
- Permanent Disability
- Educational Expenses
- First-time home purchase
- Unreimbursed medical expenses above 7.5% of Adjusted Gross Income
- Health Insurance (if employed)
- Death
- Minimum Distributions required the year in which you turn 70.5 yrs.
Deadline to Set Up & Contribute
ROTH IRA
Features & Benefits
Suitable For
- If you or your spouse has earned income.
- For those that can not deduct their contribution to a Traditional IRA.
Special Feature
- Earnings accumulated tax free.
- Contributions are not tax deductible.
- Contributions can continue after age 70.5 yrs.
- May be used in conjunction with a Roth IRA subject to contribution limits.
Eligibility Requirements
- Modified Adjusted Gross Income below $133,000 (single) or $196,000 (married filing jointly or qualifying widow(er)).
- You or your spouse has earned income or receive taxable alimony.
Contributions
- Annual contributions of up to $5,500 ($6,500 for those 50 or over).
- Annual contributions of up to $5,500 ($6,500 for those 50 or over). or 100% of taxable compensation, whichever is less.
Distributions
- A qualified distribution is made:
- 5 years after the Roth IRA was set up, and
- on or after the date you reach 59.5 yrs.
- because you're disabled
- at death, or
- first home purchase ($10,000 lifetime limit).
Deadline to Set Up & Contribute
SEP-IRA
Features & Benefits
Suitable For
- Sole proprietor or small business owner.
Special Feature
- In addition to your "Employer Contribution", you may also make a personal contribution to your account.
- A contribution is not required every year.
Eligibility Requirements
- Any employer can establish a SEP.
Contributions
- A sole proprietor can contribute up to 20% of net profits up to a maximum employer contribution of $54,000 a year.
- An incorporated business can contribute up to 25% of net profits up to employer contribution of $54,000 a year.
Distributions
- Distributions are subject to IRA rules including early withdrawal rules, rollovers, required minimum distributions once the account holder turns 70.5 years old and income tax witholding
Deadline to Set Up & Contribute
Traditional individual retirement account
Roth ira
Sep-ira
Features & Benefits
- Tax-deferred retirement accounts for individuals and their spouses featuring interest, safety of principal and no fees.
Suitable For
- If you or your spouse has earned income
- If you can take advantage of the tax deduction
- If you or your spouse has earned income.
- For those that can not deduct their contribution to a Traditional IRA.
- Sole proprietor or small business owner.
Special Features
- Earnings accumulated tax deferred.
- Contributions may be tax deductible
- May be used in conjuction with a Roth IRA subject to contribution limits.
- Earnings accumulated tax free.
- Contributions are not tax deductible.
- Contributions can continue after age 70.5 yrs.
- May be used in conjunction with a Roth IRA subject to contribution limits.
- In addition to your "Employer Contribution", you may also make a personal contribution to your account.
- A contribution is not required every year.
Eligibility Requirements
- Must be younger than 70.5 years.
- You or your spouse has earned income or receive taxable alimony.
- Modified Adjusted Gross Income below $133,000 (single) or $196,000 (married filing jointly or qualifying widow(er)).
- You or your spouse has earned income or receive taxable alimony.
- Any employer can establish a SEP.
Contributions
- Annual contributions of up to $5,500 ($6,500 for those 50 or over)
- ual contributions of up to $5,500 ($6,500 for those 50 or over)
- or 100% of taxable compensation, whichever is less.
- Annual contributions of up to $5,500 ($6,500 for those 50 or over).
- Annual contributions of up to $5,500 ($6,500 for those 50 or over). or 100% of taxable compensation, whichever is less.
- A sole proprietor can contribute up to 20% of net profits up to a maximum employer contribution of $54,000 a year.
- An incorporated business can contribute up to 25% of net profits up to employer contribution of $54,000 a year.
Distributions
- Attainment of age 59.5 yrs.
- Permanent Disability
- Educational Expenses
- First-time home purchase
- Unreimbursed medical expenses above 7.5% of Adjusted Gross Income
- Health Insurance (if employed)
- Death
- Minimum Distributions required the year in which you turn 70.5 yrs.
- A qualified distribution is made:
- 5 years after the Roth IRA was set up, and
- on or after the date you reach 59.5 yrs.
- because you're disabled
- at death, or
- first home purchase ($10,000 lifetime limit).
- Distributions are subject to IRA rules including early withdrawal rules, rollovers, required minimum distributions once the account holder turns 70.5 years old and income tax witholding
Deadline to Set Up & Contribute
- Tax-filing deadline not including extensions (usually April 15)
- Tax-filing deadline not including extensions (usually April 15)
- You can set up a SEP for a year as late as the due date (including extensions) of your business income tax return for that year.
Choose Your Plan
Learn more about IRA plans
Features & Benefits
Suitable For
Special Features
Eligibility Requirements
Contributions
Distributions
Deadline to Set Up & Contribute
- Tax-deferred retirement accounts for individuals and their spouses featuring interest, safety of principal and no fees.
- If you or your spouse has earned income
- If you can take advantage of the tax deduction
- Earnings accumulated tax deferred.
- Contributions may be tax deductible
- May be used in conjuction with a Roth IRA subject to contribution limits.
- Must be younger than 70.5 years.
- You or your spouse has earned income or receive taxable alimony.
- Annual contributions of up to $5,500 ($6,500 for those 50 or over)
- ual contributions of up to $5,500 ($6,500 for those 50 or over)
- or 100% of taxable compensation, whichever is less.
- Attainment of age 59.5 yrs.
- Permanent Disability
- Educational Expenses
- First-time home purchase
- Unreimbursed medical expenses above 7.5% of Adjusted Gross Income
- Health Insurance (if employed)
- Death
- Minimum Distributions required the year in which you turn 70.5 yrs.
- Tax-filing deadline not including extensions (usually April 15)
- If you or your spouse has earned income.
- For those that can not deduct their contribution to a Traditional IRA.
- Earnings accumulated tax free.
- Contributions are not tax deductible.
- Contributions can continue after age 70.5 yrs.
- May be used in conjunction with a Roth IRA subject to contribution limits.
- Modified Adjusted Gross Income below $133,000 (single) or $196,000 (married filing jointly or qualifying widow(er)).
- You or your spouse has earned income or receive taxable alimony.
- Annual contributions of up to $5,500 ($6,500 for those 50 or over).
- Annual contributions of up to $5,500 ($6,500 for those 50 or over). or 100% of taxable compensation, whichever is less.
- A qualified distribution is made:
- 5 years after the Roth IRA was set up, and
- on or after the date you reach 59.5 yrs.
- because you're disabled
- at death, or
- first home purchase ($10,000 lifetime limit).
- Tax-filing deadline not including extensions (usually April 15)
- Sole proprietor or small business owner.
- In addition to your "Employer Contribution", you may also make a personal contribution to your account.
- A contribution is not required every year.
- Any employer can establish a SEP.
- A sole proprietor can contribute up to 20% of net profits up to a maximum employer contribution of $54,000 a year.
- An incorporated business can contribute up to 25% of net profits up to employer contribution of $54,000 a year.
- Distributions are subject to IRA rules including early withdrawal rules, rollovers, required minimum distributions once the account holder turns 70.5 years old and income tax witholding
- You can set up a SEP for a year as late as the due date (including extensions) of your business income tax return for that year.