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Basic 401k Info

What Is a 401k? What is a 401k Plan? 401k Fund Eligibility 401k Investment Opportunities 401k Advantages Frequently Asked 401k Questions Individual Retirement Accounts (IRA's) IRA Eligibility Types of IRAs Traditional vs Roth IRAs

Roth IRA

IRAs  Traditional  Roth
Eligibility Must have actual income, must be younger than 70 and one half years old.  Income must be under $110, 000 if single, under $160,000 combined if married.
Contribution Cannot exceed $2,000 Cannot exceed $2,000
Deductibility Yes; only if employer does not offer other retirement plan No
Tax Advantages of Contributions Tax deferred if income less than $41,000 or $61,000 combined if married. Also allows greater growth with larger, tax-free investment. When money payed out of fund, no taxes due, even on interest
Tax Penalties With exceptions, 10% penalty tax on money removed before age 50 and one half.  Though some exceptions, 10% excise tax if money is taken prior to age 59 ½ and not held more than five years. 
Required Distributions No later than April first after turning age 70 and one half. None

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