The most you can contribute to all of your traditional and Roth IRAs is the smaller of:
$5,500 (for 2016- 2017), or $6,500 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 2017 IRA contributions until April 17, 2018.
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 70½ and by December 31 of later years.
Not required if you are the original owner.
Are my withdrawals and distributions taxable?
Any deductible contributions and earnings you withdraw or that are distributed from your traditional IRA are taxable. Also, if you are under age 59 ½ you may have to pay an additional 10% tax for early withdrawals unless you qualify for an exception.
None if it’s a qualified distribution (or a withdrawal that is a qualified distribution). Otherwise, part of the distribution or withdrawal may be taxable. If you are under age 59 ½, you may also have to pay an additional 10% tax for early withdrawals unless you qualify for an exception.