Who can contribute? You can contribute if you (or your spouse if filing jointly) have taxable compensation. Prior to January 1, 2020, you were unable to contribute if you were age 70½ or older. You can contribute at any age if you (or your spouse if filing jointly) have taxable compensation and your modified adjusted gross income is below certain amounts (see 2020 and 2019 limits).

Are my contributions deductible? You can deduct your contributions if you qualify. Your contributions aren’t deductible.

How much can I contribute? The most you can contribute to all of your traditional and Roth IRAs is the smaller of: For 2018, $5,500, or $6,500 if you’re age 50 or older by the end of the year; or

your taxable compensation for the year.

For 2019, $6,000, or $7,000 if you’re age 50 or older by the end of the year; or

your taxable compensation for the year.

For 2020, $6,000, or $7,000 if you’re age 50 or older by the end of the year; or

your taxable compensation for the year.

What is the deadline to make contributions? Your tax return filing deadline (not including extensions). For example, you can make 2019 IRA contributions until April 15, 2020 .

When can I withdraw money? You can withdraw money anytime.

Do I have to take required minimum distributions? You must start taking distributions by April 1 following the year in which you turn age 72 (70 1/2 if you reach the age of 70 ½ before January 1, 2020) and by December 31 of later years. Not required if you are the original owner.