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Navigation Path: Home > Personal Services > Savings, CDs & IRAs > Retirement Accounts and Education Savings Accounts > Guide to Choosing An IRA > IRA Comparison Chart Larger Type|Smaller Type|Print
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  Traditional IRA Roth IRA
Tax Filing Status

Single

Married-Joint

Single

Married-Joint
Max. Annual Contribution

2002—2004: $3,000
2005—2007: $4,000
2008: $5,000
2009 and after: INDEXED
Catchup Contributions1

2002—2005: $500
2006 and after: $1,000
Deductible Contributions

Yes 2

No
Earnings

Tax Deferred

Tax Free3

Tax Free3
Rollover from Retirement Plans

Yes

Yes4
Income Limits

No2

$110,000

$160,000
Holding Period

No

Yes3
Mandatory Distributions

Yes—Age 70 1/2

No
Special Distributions For:

1st Home, Education or Medical Expenses
(IRS Definition of Disabled)

2002—2007 IRA Deductibility Threshold Levels for Active Participants5
2002

$34,000—$44,000

$54,000—$64,000
2003

$40,000—$50,000

$60,000—$70,000
2004

$45,000—$55,000

$65,000—$75,000
2005

$50,000—$60,000

$70,000—$80,000
2006

$50,000—$60,000

$75,000—$85,000
2007

$50,000—$60,000

$80,000—$100,000

Note: Effective for 2007 and later tax years, the deductibility phase-out range will increase from $10,000 to $20,000 for married taxpayers filing a joint return.

For married individuals filing a separate tax return, the deductibility threshold level remains at $0 to $10,000.

Withdrawals made prior to age 59 1/2 may incur penalties. Income limits are phased for both Traditional and Roth IRAs. This text should not be used for legal or tax advise. Consult your tax advisor on all IRA matters.
1 IRA holders age 50 or older may contribute this amount in excess of the maximum annual contribution.
2 Note: Contributions to a Traditional IRA deductibility threshold levels as shown below.*
3 Earnings are tax-free so long as the Roth IRA is maintained for 5 years and participant is at least 59 1/2.
4 A rollover from a qualified retirement plan must first be made to a traditional IRA and then may be converted to Roth IRA.
5 Note: Effective for 2007 and later tax years, the deductibility phase-out range will increase from $10,000 to $20,000 for married taxpayers filing a joint return.
For married individuals filing a separate tax return, the deductibility threshold level remains at $0 to $10,000.
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