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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 Eligibility to contribute Traditional IRA You can contribute if you (or your spouse if filing jointly) have taxable compensation but not after you are age 70 or older. Roth IRA Regardless of your age, you can contribute if you (or your spouse if filing jointly) have taxable compensation and your modified adjusted gross income is below certain amounts (see 2012 and 2013 amounts). You can deduct your You can only make aftercontributions if you tax (non-deductible) qualify. contributions. The most you can contribute to all of your traditional and Roth IRAs is the smaller of: For 2012, $5,000, or $6,000 if youre age 50 or older by the end of the year ($5,500 or $6,500 for 2013); or your taxable compensation for the year. Your tax return filing deadline (not including extensions). For example, you can contribute for 2012 until April 15, 2013. You can withdraw money anytime. You must start taking Not required if you are distributions by April 1 the original owner. following the year in which you turn 70 and by December 31 of later years.

Type of contributions

Contribution limits

Contribution deadline

Withdrawals Required minimum distributions

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Tax on withdrawals and distributions

You must include in gross income any deductible contributions and earnings that are distributed and may have to pay an additional 10% early withdrawal tax unless you are age 59 or qualify for another exception.

None, if its a qualified distribution. Otherwise, part of the distribution may be taxable and you may have to pay an additional 10% early withdrawal tax unless you are age 59 or qualify for another exception.

For more information on IRS tax relief and achieving a tax resolution to your IRS matter, visit www.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, and more. We proudly serve Americas taxpayers in all 50 States and U.S. Territories. Contact: Michael Raanan, MBA, EA President Former IRS Revenue Officer Enrolled Agent admitted to practice before the Internal Revenue Service

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