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Maximum annual contribution = $6,000 in 2020, $7,000 in 2020 for those reaching age 50 by December 31, 2020.

Maximum annual contribution = $6,000 in 2020, $7,000 in 2020 for those reaching age 50 by December 31, 2020.

If neither you nor your spouse is covered by a workplace retirement plan, the IRA contribution is fully deductible. If you or your spouse is covered by a workplace retirement plan, the IRA contribution deduction may be limited or completely phased-out.

Contributions are not deductible.

Anyone can establish a traditional IRA.

In order to establish a Roth IRA, your 2020 modified adjusted gross income, if filing a joint return, cannot exceed $206,000 ($203,000 in 2019) and $139,000 ($137,000 in 2019) for singles.

Contributions and earnings grow tax-deferred until withdrawal.

Contributions and earnings grow tax-free and withdrawals are tax-free, provided the IRA is held for at least five years and withdrawals begin after age 59½ or are due to death or disability, or for "first-time home buyers" subject to a $10,000 limit.

Contributions are not allowed after age 72 (70 ½ if you reach 70 ½ before January 1, 2020)

Contributions are allowed after age Contributions are not allowed after age 72 (70 ½ if you reach 70 ½ before January 1, 2020)

Withdrawals must begin at age 72 (70 ½ if you reach 70 ½ before January 1, 2020)

Withdrawals do not have to begin at age 72 (70 ½ if you reach 70 ½ before January 1, 2020)

Penalty-free withdrawals can be made for a qualifying first-time home purchase, subject to a $10,000 lifetime limit.

Provided the IRA is held for at least five years, penalty-free, tax-free withdrawals can be made for a qualified first-time home purchase, subject to a $10,000 lifetime limit.

Penalty-free withdrawals can be made for higher education expenses of the taxpayer, spouse, children, or grandchildren.

Penalty-free withdrawals can be made for higher education expenses of the taxpayer, spouse, children, or grandchildren.