Perfect for long-range planning goals, the tax-deductible Traditional IRA allows you to invest up to $6,000 of your earned income in a tax-deferred account. When you take your distribution, the income is treated as ordinary income and is subject to tax.
A Roth IRA is similar to a Traditional IRA in its annual contribution limit of $6,000. The difference is that you fund the Roth IRA with after-tax dollars and pay no income tax on qualified distributions.
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