IRA Eligibility Chart

	Traditional IRA	Non Deductible IRA	Roth IRA	Educational IRA
Documentation	-Plan Agreement -Plain language disclosure -Financial Projection	-Plan Agreement -Plain language disclosure -Financial Projection	-Plan Agreement -Plain language disclosure -Financial Projection	-Plan Agreement -Plain language disclosure -Financial Projection
Eligibility	-Taxable compensation -Under 70 1/2	-Taxable compensation -Under 70 1/2	-Taxable compensation	-Contributor's AGI limited
Maximum Contribution Amounts	-$3,000 Total in all IRAs	-$3,000 total in all IRAs	-$3,000 total in all IRAs	-$2000 per child under 18, regardless of other IRA contributions
Deductibility of Contributions	-Up to $3,000, but phase out as income increases for QRP participants	-Not deductible	-Not deductible	-Not deductible
Taxation of Distributions	Taxed as ordinary income when distributed	Distributions include contributions and earnings and are taxed ratably	Qualified distributions not taxed. Non qualified distributions are taxed as carrying out contributions first	Qualified distributions not taxed. Non qualified distributions are taxed ratably
Withholding on Distributions without a penalty	Withholding rate is 10% but participant may elect any alternative.	Withholding rate is 10% but participant may elect any alternative.	Withholding rate is 10% but participant may elect any alternative.	No withholding is available on distributions form except penalties.
Distributions Permitted (Qualified Distributions)	Any time after the participant reaches 59 1/2. General distributions prior to 59 1/2 are penalized, but there are some exceptions.	Any time after the participant reaches 59 1/2. General distributions prior to 59 1/2 are penalized, but there are some exceptions.	Any time after the participant reaches 59 1/2. General distributions prior to 59 1/2 are penalized, but there are some exceptions. -Contributions- no restrictions -Earnings- must satisfy 5 year holding period and purpose restrictions.	To beneficiary after age 18 for higher education purposes.
Distributions Required	Participants must begin distributions at 70 1/2. Beneficiary must begin systematic pattern of withdrawal.	Participants must begin distributions at 70 1/2. Beneficiary must begin systematic pattern of withdrawal.	Not for participant, but beneficiaries must begin systematic pattern of withdrawal.	To beneficiary at age 30.
Reporting Information	-Contributions- 5498 -Distributions- 1099R	-Contributions- 5498 -Distributions- 1099R	-Contributions- 5498 -Distributions- 1099R	-Contributions- 5498 -Distributions- 1099R