A Traditional IRA is an individual retirement account established for the benefit of one person. You are eligible to contribute to an IRA if you are under the age of 70 ½ for the entire year and have earned income. Contributions to the Traditional IRA may be tax deductible depending on the taxpayer's income, tax filing status and coverage by an employer-sponsored retirement plan.
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A Roth IRA is a retirement savings plan for investors who are looking for a “tax-free” growth potential. Contributions to a Roth IRA are nondeductible. You are eligible to contribute as long as you have been paid some kind of compensation. This can be in the form of wages, salaries, tips, professional fees, profit from business and profit from farming. Unlike Traditional IRAs, you can be of any age and still contribute to a Roth IRA.
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Coverdell Education Savings Account (CESA)
A Coverdell Education Savings Account is an account created as an incentive to help parents and students save for education expenses. Much like IRAs, the benefits of a CESA include tax-deferred earnings and tax-free qualified withdrawals. Plus, any family member or friend may contribute on behalf of your child, so an early start can payoff big.
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Simplified Employee Pension (SEP)
A Simplified Employee Pension plan is a retirement plan established by an employer. Each year, the employer may contribute a certain percentage of each eligible employee's compensation directly to the employee's IRA. Any employee, whether a corporation, partnership or a self-employed individual, may establish a SEP (even if there are no other employees.)
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Savings Incentive Match Plan for Employees of Small Employers (SIMPLE)
A Savings Incentive Match Plan for Employees of Small Employers, or SIMPLE, is a salary reduction arrangement similar to a 401(k) plan. However, SIMPLE contributions are deposited into a unique SIMPLE IRA. This IRA can only accept contributions under a SIMPLE. No other IRA contributions are permitted.
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All the IRA funds an account holder has at the same institution are aggregated for $250,000 of FDIC coverage.