Our IRA options

See our IRA account rates.

Traditional IRA Roth IRA Coverdell ESA
Who can contribute? Anyone under 70 1/2 with earned income equal to the amount of the IRA contribution

Non working spouse of a wage earner if joint return is filed		 Anyone with earned income equal to the amount of the Roth IRA contribution

Non working spouse of a wage earner if joint return is filed

See below for income and filing requirements		 ESAs allow up to $2,000 from all sources for children under age 18
Are contributions deductible? Full deduction if you and your spouse do not participate in an employer plan

Full deduction if you and your spouse participate in an employer plan and your modified adjusted gross income is below $92,000; below $58,000 for single filers.

Partial deduction if you and your spouse participate in an employer plan and your modified adjusted gross income $92,000 - $112,000 ; $58,000 - $68,000 for single filers		 No No
How much may I contribute? Under age 50: $5,000
Age 50 and older: $6,000
 Under age 50: $5,000
Age 50 and older: $6,000

Full contribution if you are married, filing jointly and your modified adjusted gross income is below $169,000; below $105,000 for single filers.

Partial contribution if you married, filing jointly with a modified adjusted gross income of $169,000 - $179,000; $105,000 - $120,000 for single filers and up to $10,000 for if you are married filing separately		 Up to $2,000 for each child

As parent or guardian you control the assets until your beneficiary reaches age 30

Contributions are reduced if you married, filing jointly with a modified adjusted gross income of $190,000 - $220,000; $95,000 - $110,000 for single filers
When must I take withdrawals? Mandatory withdrawals start the year after you turn 70 1/2 No mandatory withdrawals Funds must be used by the time the beneficiary reaches age 30