Retirement Accounts Information

	A	B	C	D	E	F	G	H	I	J	K	L
1	Type of Account	Who Can Contribute?	Income Level Limits?	Tax Deferred?	Reduces Taxable Income?	Pretax or After tax for Depositing Money?	Yearly Deposit Limits	When can I withdraw money?	Early Withdrawal Fee Amount?	Age to Avoid Early Withdrawal Fee?	Pay Taxes on Withdrawals and Distributions?	Required minimum distributions?
2	Traditional IRA	You can contribute if you (or your spouse if filed jointly) have a taxable compensation but not after you are age 70.5 or older.	n/a	Yes	Possible - depends on income, filing status and if you have an employer retirement plan.	Both	$ 5,500	You can withdraw money antime.	10% additional tax	59.5 years old	Yes - taxes subject to Federal and most State income taxes based on income bracket at the time of withdrawal	You must start taking distributions by April 1 following the year in which you turn age 70.5 and by December 31 of later years.
3	Roth IRA	You can contribute at any age if you (or your spouse if filing jointly) have taxable compensation and your gross modified adjusted income is below: < $196,000 (married filing jointly) < $10,000 (married filing separately and you lived with your spouse at any time during the year) < $133,000 (single, head of household, or married filing separately and you did not live with your spouse at any time during the year)	See box to left	Yes	No	After tax	$ 5,500	You can withdraw money antime.	10% additional tax	59.5 years old	None if its a qualified distribution (or a withdrawal that is a qualified distribution). Otherwise, part of the distribution or withdrawal may be taxable. Qualified distribution: 1. Made after 5-year period beginning the first taxable year for which a contribution was made to a Roth IRA set up for your benefit, and 2. The payment or distribution is: -made on or after the date you reach age 59.5 -made because you are disabled -made to a beneficiary or to your estate after your death, or -one that meets the requirements listed under First home	Not required if you are the original owner.
4	Roth 401(k)	You can contribute if you (or your spouse if filed jointly) have a taxable compensation but not after you are age 70.5 or older.	n/a	Yes	No	After tax	$ 18,000	You can withdraw money antime.	10% additional tax	59.5 years old	Same as Roth IRA Account	You must start taking distributions by April 1 following the year in which you turn age 70.5 and by December 31 of later years., unless still working and not a 5% owner.
5	401(k)	You can contribute if you (or your spouse if filed jointly) have a taxable compensation but not after you are age 70.5 or older.	n/a	Yes	Yes	Pretax	$ 18,000	You can withdraw money antime.	10% additional tax	59.5 years old	Yes - taxes subject to Federal and most State income taxes based on income bracket at the time of withdrawal	Same as designated Roth 401(k) account
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11	Sources
12	A Random Walk Down Wall Street
13	http://www.investopedia.com/
14	https://www.irs.gov/retirement-plans/traditional-iras
15	http://www.rothira.com/roth-ira-limits
16	http://www.traditionalira.com/ira-contribution-limits
17	http://finance.zacks.com/can-make-pretax-contributions-individual-ira-1712.html
18	http://time.com/money/4258994/traditional-401k-roth-401k-retirement/
19	https://www.irs.gov/retirement-plans/roth-comparison-chart
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