The amount of money you can contribute to a Traditional and Roth IRA is the same; however, the age limits for contributions differ. Read more about contribution rules.

The plans differ significantly regarding the rules for participating and for taking tax deductions. Income rules affect:

 ● your ability to deduct contributions for a Traditional IRA.
 ● your ability to participate in a Roth IRA.

The rules may vary from year to year. You should periodically check both the contribution rules and the income rules to ensure your eligibility to participate and contribute.