Can I do an IRA rollover from another plan?

Contributions for the current tax year can be made anytime within that year. Also, you have until the tax filing deadline to make contributions for the previous tax year (excluding extensions).

With traditional IRAs, there are no contribution restrictions as long as you meet the qualifications. For Roth IRAs, however, contributions are restricted based on gross income.

Roth IRA contributions aren’t tax-deductible, but traditional IRA contributions are deductible if you (and/or your spouse) are not active participants in an employer-sponsored retirement plan. If you do participate in such a plan, your contribution may be partially deductible or not deductible at all.²

For a traditional IRA, you’ll need to take your first distribution by April 1 following the year you turn 73. Subsequent distributions must be taken by December 31 thereafter.

With a Roth IRA, you’re not required to take distributions. Only in the event of your passing must the funds be distributed.

For a Roth IRA, you won’t face a penalty if the five-year holding period is met. And for both Roth and traditional IRAs, you won’t be penalized if you’re:

• 59½ or older
• Deceased or disabled
• Covering qualified college expenses
• Buying a home for the first time (you can withdraw up to $10,000)
• Making substantially equal periodic payments

For other, less-common exceptions, please refer to IRS Publication 590.