Who can contribute?	How much can I contribute?	Who can make deductible contributions?	What are the tax advantages?	When can I withdraw without restrictions?
Traditional IRA	Anyone under age 70 1/2 who has income from compensation (or who is filing jointly with a spouse who earns compensation) Anyone who has received a distribution from a qualified retirement plan and decides to roll over the proceeds of the plan into an IRA	$5,000 for 2012 $5,500 for 2013 For owners age 50 and older, you have higher limits: $6,000 for 2012 $6,500 for 2013 Restrictions: Cannot exceed compensation Reduces contributions that can be made to Roth IRAs	Fully-deductible contributions: Single individuals not active in employer retirement plans Single individuals active in employer retirement plans with MAGI* of less than $58,000 for 2012, and $59,000 for 2013 Married couples with neither spouse active in an employer retirement plan Married individuals active in employer retirement plans with joint tax returns showing MAGI* of less than $92,000 for 2012 (less than $95,000 for 2013) Married individuals not active in employer retirement plans with spouses who are, as long as MAGI* is $173,000 or less for 2012 ($178,000 or less for 2013)	Earnings grow tax-deferred until withdrawn Contributions may be tax-deductible	Withdraw penalty-free for any of the following reasons: Qualified higher-education expenses First-time home purchase** Age 59½ Disability Qualifying medical expenses exceeding 7.5% of adjusted gross income Payment to beneficiaries upon the owner's death Payment of health insurance premiums while unemployed for 12 weeks or longer
Roth IRA	Anyone who has income from compensation (or who is filing jointly with a spouse who earns compensation) with the following MAGI:* - Up to $110,000 (single filers for 2012) - Up to $112,000 (single filers for 2013) - Up to $173,000 (joint filers in 2012) - Up to $178,000 (joint filers in 2013) Reduced contributions allowed for higher incomes: - Up to $125,000 (single filers in 2012) - Up to $127,000 (single filers in 2013) - Up to $183,000 (joint filers in 2012) - Up to $188,000 (joint filers in 2013) Persons who are married and filing separately with incomes: - Up to $10,000	$5,000 for 2012 $5,500 for 2013 For owners age 50 and older, you have higher limits: $6,000 for 2012 $6,500 for 2013 Restrictions: Cannot exceed compensation Reduces contributions that can be made to traditional IRAs	No one can deduct contributions	Earnings are tax-free if account is open for five tax years and withdrawn for a qualified reason (age 59½, disability, death or a first-time home purchase**) Not required to start withdrawals at age 70 1/2	Regular contributions can be withdrawn tax-free and penalty-free at any time After the account has been open five tax years, earnings can be withdrawn tax-free and penalty-free for any of these reasons: age 59½, disability, death, or a first-time home purchase**

* MAGI - modified adjusted gross income from the federal tax form ** Lifetime limit for exemption on a first-time home purchase is $10,000 Not intended as tax advice. Please consult a tax professional. Revised 10/25/2012

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