IRAs/Roth IRAs

Traditional IRAs are tax-deferred retirement savings vehicles for individual investors. Anyone under the age of 70½ who has earned income (or the non-working spouse of such an individual) can make a Traditional IRA contribution. The only question is whether or not the contribution can be deducted. This hinges on whether the individual is an active participant in an employer-sponsored retirement plan or not. Legend's IRA Roadmap can help you determine whether you (or your non-working spouse) are eligible to deduct a Traditional IRA contribution. If you cannot deduct a contribution, it may make more sense to contribute to a Roth IRA if your adjusted gross income (AGI) is within the Roth eligibility limits.

Roth IRAs are tax-advantaged retirement savings vehicles for individual investors. Anyone of any age who has earned income (or the non-working spouse of such an individual) can make a Roth IRA contribution provided their income does not exceed certain limits. Contributions can be made by single individuals with an AGI under $105,000 but not over $120,000 and by married individuals with an AGI under $166,000 but not over $176,000. Legend's IRA Roadmap can help you determine whether you (or your non-working spouse) are eligible to contribute to a Roth IRA.