Information and discussion on IRA accounts

[akhilmahajan]

So, after all this discussion this is what i understand:-

Traditional IRA:-
You apy all the money before taxes and if you fall under certain AGI, you can also claim tax deductions. The IRA needs to be opened before April 15, 2009 to take a tax deduction for the tax year 2008. The money and all the interest is taxable and will be taxed (State + Federal) at the rate bracket in which one falls at the time of retirement. If you reach the age of 70 1/2 one has to start taking money out of the IRA, other wise there will be more tax penalties.

The limit for Year 2009 is $5000, and if you are above the age of 50 years then you can put another $1000.

ROTH IRA:-
You pay all the money after taxes and it grows tax free. When you want to take it out you dont have to pay any taxes. One can only open a ROTH IRA account if they fall under a certain AGI.

If someone can list the kind of loans and benefits for these 2 types of IRA's that will be great.

GO IV GO. TOGETHER WE CAN.