Traditional
Individual Retirement Account |
A special tax-deferred
savings account: You are eligible for a regular contribution if you
do not reach age 70 ½ in the calendar year for which you wish
to make the contribution and you have income earned from performing
material personal services. You may also qualify for a rollover or a
transfer contribution.
Roth
IRA
A type of tax-preferred
savings and investing account: You are eligible if you satisfy the following
two requirements: (1) you must have earned income or compensation, and
(2) you meet certain income limitations. Be aware that you are eligible
to make contributions to a Roth IRA even though you are age 70 ½
or older.
Coverdell
Education Savings Account
A type of tax-preferred
savings and investment account to encourage taxpayers to save for future
education expenses. You are eligible to contribute to one or more Coverdell
Education Savings Accounts as long as your income is within certain
limits depending upon your tax-filing status, and the designated beneficiary
of each Coverdell Education Savings Account has not attained age 18.
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