With a traditional IRA, contributions you make to a traditional IRA may be fully or partially deductible, depending on your circumstances, and generally, amounts in your traditional IRA (including earnings and gains) are not taxed until distributed.
For 2013, the maximum you can contribute to all of your traditional and Roth IRAs is the smaller of:
The IRA contribution limit does not apply to:
A Roth IRA is an IRA that, except as explained below, is subject to the rules that apply to a traditional IRA.
The same combined contribution limit applies to all of your Roth and traditional IRAs. Your Roth IRA contribution might also be limited based on your filing status and income.
So, how do you know which one to choose? These are some of the factors to take into consideration:
The Roth IRA may be a better choice if your tax rate after retirement will not be lower than it is now. A traditional IRA may be better if your tax rate will be lower than it is now.
Contact a Mountain West IRA professional to establish either a self-directed traditional or Roth IRA.
Mountain West IRA does not offer clients investment, tax, financial, or legal advice. Individuals who believe they need advice should consult with the appropriate professional(s) licensed in that area.
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