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SEP - IRA1
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IRA
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ROTH IRA
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1. $49,000 Max Annual
Contribution
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$5,000 Max Annual3 Contribution
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$5,000 Max Annual3 Contribution
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2. Pre-Tax Deductible
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Pre-Tax Deductible
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No Pre-Tax Deductible
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3. No Loans
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No Loans
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No Loans
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4. No IRS Reports
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No IRS Reports
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No IRS Reports
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5. Annual Maintenance
Fee2
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Annual Maintenance
Fee2
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Annual Maintenance
Fee2
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6. No Contributions after
age 70½
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No Contributions after
age 70½
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Yes Contributions after
age 70½
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7. Early Penalty
Distributions before age
59½:
A. 10%
B. Income Tax
C. Contributions and
interest earned
|
Early Penalty
Distributions before age
59½:
A. 10%
B. Income Tax
C. Interest earned
and deductible
contributions
|
Early Penalty
Distributions before age
59½:
A. 10%
B. Income Tax
C. Interest earned only
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8. Penalty – Free
Distributions: none
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Penalty is Free4 for
distributions before
age 59 1/2:
A. Qualified education
expenses
B. First-time home
purchase ($10K)
C. Death
D. Total Disability
|
Penalty is Free4 for Distributions:
A. 5-year minimum
contribution
B. After age 59½
C. First-time home
purchase ($10K)
D. Death
E. Total Disability
|
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9. Contribution phase-out
levels:
A. Single – Greater than
$245,000
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Modified AGI phase-out levels:
A. Single - Greater than
$66,000
B. Joint - Greater than
$177,000
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Modified AGI phase-out levels:
A. Single – Greater than
$120,000
B. Joint – Greater
than $177,000
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