What is an IRA?
Learn what an individual retirement account is and how it can be used for retirement savings.
Learn about IRA types →IRA information
Individual Retirement Accounts (IRAs)
A straightforward guide to Traditional IRAs, Roth IRAs, contributions, withdrawals, taxes, and retirement planning.
Getting started
Start with the basics, then explore the topic that matches your question. This site summarizes general concepts and directs readers to official sources when current rules matter.
Set up an IRA
Understand common account types and the kinds of financial institutions that may offer them.
Planning considerations →Contributions
Review general contribution concepts, eligibility considerations, and annual limits.
Contribution information →Types of IRAs
Traditional IRA
Contributions may be deductible in some circumstances, while distributions are generally subject to applicable tax rules.
Compare with Roth →Roth IRA
Contributions are generally made with after-tax money, and qualified distributions can receive favorable tax treatment.
Compare with Traditional →Other IRA arrangements
Employer-related arrangements can include SEP and SIMPLE IRA plans, each with their own rules.
Explore planning →Traditional IRA vs. Roth IRA
The tax treatment and eligibility rules differ. Your circumstances determine which features may be relevant.
| Feature | Traditional IRA | Roth IRA |
|---|---|---|
| Contributions | May be deductible depending on circumstances. | Generally not deductible. |
| Tax treatment | Distributions are generally taxable when applicable. | Qualified distributions may be tax-free. |
| Eligibility | Rules vary by situation. | Income limits and other rules may apply. |
| Withdrawals | Early distributions can have tax or penalty consequences, subject to exceptions. | Different rules apply to contributions and earnings. |
Check current rules: IRA limits, thresholds, tax provisions, and other requirements can change. Verify current information with the IRS or a qualified professional before acting.
Contributions and deductions
Contribution limits and deduction rules depend on the type of IRA and the individual's circumstances. Use current official guidance when determining what applies to you.
Contribution limits
Annual limits can change. Check the current tax-year limit before contributing.
Deduction limits
Traditional IRA deductibility may depend on income, filing status, and workplace retirement-plan coverage.
Rollovers
Moving retirement savings can involve timing and tax rules. Professional guidance may be appropriate.
Withdrawals and distributions
Distributions
Understand the general tax and timing considerations associated with IRA withdrawals.
Required minimum distributions
RMD rules apply in certain situations and can change. Check current official guidance.
Early distributions
Some early withdrawals may result in additional tax or penalties, with exceptions in certain circumstances.
Retirement planning
Use this guide to prepare questions and compare general concepts. It is not a substitute for individualized tax, legal, investment, or financial advice.
Assess your goals
Consider retirement timeline, income, taxes, savings, and other financial priorities.
Review official resources
Check current IRS publications, limits, forms, and guidance before making decisions.
Talk to a professional
A qualified tax or financial professional can evaluate your individual circumstances.
Frequently asked questions
What is an IRA?
An IRA is a tax-advantaged account designed to help eligible individuals save for retirement.
Which IRA is better?
There is no universal answer. Tax circumstances, eligibility, goals, and other factors matter.
Can IRA rules change?
Yes. Limits and tax rules can change, so current official information should be checked.
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Find general information about IRA types, contributions, withdrawals, and planning.
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