3 IRA Types to Choose From - Traditional, Roth and Education

Owner must be under age 70 ˝

There are no limits for contributions

$4,000 per year (minus Roth IRA contributions)

Tax return deadline for the year

N/A

Before age 59 ˝, unless deceased, disabled, taking pre 59 ˝ periodic payments, paying qualified medical expenses, health insurance premiums for unemployed, first-home purchase, or educational expenses.

age 70 ˝

NONE

Single filers: under $110,000
Married couples filing jointly: under $160,000

$4,000 per year (minus traditional IRA contributions)

Tax return deadline for the year

If both 5 year and qualified-reason tests are met

Before age 59 ˝, unless deceased, disabled, taking pre 59 ˝ periodic payments, paying qualified medical expenses, health insurance premiums for unemployed, first-home purchase, or educational expenses.

At owner's death

Education IRA

Designated beneficiary must be under 18

Individual filers: under $110,000 Married couples filing jointly: under $160,000

$500 per year (in addition to traditional/Roth IRA contributions)

December 31 of the year

Before age 30 if used to pay higher-education expenses for designated beneficiary

If not used for designated beneficiary's education, unless designated beneficiary is disabled or deceased, or to the extent of the scholarship

When designated beneficiary reaches age 30