| Traditional IRA | Roth IRA | Educational IRA | |
| Contribution limits (lesser of chart numbers, or 100% of an individuals compensation) | $5,000* | $5,000* | 2,000* per Child |
| Age limit on contributions | 70½ | None | Under Age 18 |
| Contribution tax-deductible? | YES | NO | NO |
| Can convert to ROTH IRA? | Yes, but will have tax consequences. | N/A | No |
| Can convert to Education IRA? | No | No | Can be transferred to another Education IRA at another company for same child. Can also be transferred to another family member. |
| Can convert to Traditional IRA? | N/A | No | No |
| Can be transferred to another Traditional IRA at another company. | Yes | N/A | N/A |
| When is disbursement penalized? | 10% penalty for withdrawals under age 59 ½, unless for: rollovers, medical withdrawals, first time home buyer, post secondary educations expenses, qualified reservists, roth conversion, equal periodic payments, disability, or death | 10% penalty for withdrawals under age 59 ½ or on assets held in account less than 5 years | 10% penalty on earnings if not used for elementary, secondary or college education, or if not used by Age 30 (death or disability exempted). |
| When is disbursement mandatory? | Before age 70½ | NEVER | Before age 30 - Within 30 days of age 30 and/or death |
| Contribution Deadline | By April 15th of following year | By April 15th of following year | By April 15th of following year |
