{"id":15494,"date":"2025-06-23T07:30:00","date_gmt":"2025-06-23T12:30:00","guid":{"rendered":"https:\/\/resource-center.hrblock.com\/?p=15494"},"modified":"2025-07-17T16:46:58","modified_gmt":"2025-07-17T21:46:58","slug":"ira-advantages","status":"publish","type":"post","link":"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/income\/retirement-income\/ira-advantages\/","title":{"rendered":"10 IRA advantages \/ Reasons to consider contributing to an IRA"},"content":{"rendered":"\n<p><strong>Editor\u2019s Note:<\/strong>&nbsp;After the passage of the&nbsp;<a href=\"https:\/\/www.hrblock.com\/tax-center\/income\/what-is-the-secure-act\/\">Secure Act<\/a>, some rules around contributing to an IRA have changed. Learn more about what has stayed the same, and what has changed here.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright\"><img loading=\"lazy\" decoding=\"async\" width=\"300\" height=\"200\" src=\"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/wp-content\/uploads\/2017\/06\/retirement-contributions-300x200.jpg\" alt=\"retirement contributions\" class=\"wp-image-51643\" srcset=\"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/wp-content\/uploads\/2017\/06\/retirement-contributions-300x200.jpg 300w, https:\/\/hrbcomlnp.hrblock.com\/tax-center\/wp-content\/uploads\/2017\/06\/retirement-contributions.jpg 500w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/figure><\/div>\n\n\n<p>If you are planning for retirement, consider contributing to&nbsp;an&nbsp;<a href=\"https:\/\/www.hrblock.com\/tax-center\/income\/retirement-income\/traditional-and-roth-ira\/\">IRA<\/a>. Here are some of IRA benefits that can come from setting up one, as well as the positive features that you may notice once you start to use it.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-1-you-have-different-ira-options\">1 \u2013 You have different IRA options<\/h2>\n\n\n\n<p>There are two main types, each with different IRA tax advantages. They are<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Traditional IRAs<\/li>\n\n\n\n<li>Roth IRAs<\/li>\n<\/ul>\n\n\n\n<p>With both types of accounts, the maximum amount that you can contribute is the lesser of:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Your compensation received from working<\/li>\n\n\n\n<li>$6,000 ($7,000 if age 50 or over): Anyone with sufficient compensation can contribute to a Traditional IRA.<\/li>\n<\/ul>\n\n\n\n<p>Other considerations:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>With Roth IRAs, there are income limits, but many people have the option to contribute.<\/li>\n\n\n\n<li>You can contribute to both Traditional and Roth IRAs, though a single contribution limit applies to the total of all your Traditional and Roth IRA contributions.<\/li>\n<\/ul>\n\n\n\n<div class=\"wp-block-create-block-hrb-single-override-cta\" class=\"wp-block-create-block-hrb-single-override-cta\" style=\"background-color:#005d1f\"><div class=\"hrb-single-override-cta--image\" style=\"background-image:url(&quot;https:\/\/www.hrblock.com\/tax-center\/wp-content\/themes\/hrb_tic\/img\/on-laptop-at-desk-graphic.png&quot;);background-size:contain;background-position:center;background-repeat:no-repeat\"><\/div><div class=\"hrb-single-override-cta--copy #ffffff\"><h3 class=\"main-heading\">File with H&amp;R Block to get your max refund.<\/h3><div class=\"quick-links-list\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.hrblock.com\/online-tax-filing\/\">File online<\/a><\/div>\n\n\n\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.hrblock.com\/tax-offices\/?app_method=GENERAL_TAX_PREP_METHOD\">File with a tax pro<\/a><\/div>\n<\/div><\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-2-you-can-lower-your-taxes-now-or-lower-your-taxes-later\">2 \u2013 You can lower your taxes now or lower your taxes later<\/h2>\n\n\n\n<p>The most notable difference between Traditional and Roth IRAs is the tax treatment of contributions and distributions. Generally, contributions to Traditional IRAs may reduce your taxable income in the year they are made, but withdrawals in retirement are taxed as ordinary income. In contrast, contributions to a Roth IRA are made with after tax dollars and do not reduce your current taxable income, but qualified distributions in retirement are tax-free. And there are some income and age restrictions for each.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-traditional-ira\">Traditional IRA<\/h3>\n\n\n\n<p><strong>Income restrictions:<\/strong><\/p>\n\n\n\n<p>Not everyone&nbsp;can deduct the full amount of their pre-tax contributions. If your income is too high, you might only be able to deduct part of your contribution\u2014or none at all depending on whether you or your spouse are covered by a retirement plan at work. Here are the income limits for 2025:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>If you&#8217;re&nbsp;Single, your deduction starts to phase out if your income is over&nbsp;$79,000&nbsp;and phases out completely at&nbsp;$89,000.<\/li>\n\n\n\n<li>If you&#8217;re&nbsp;Married Filing Jointly, the phase-out starts at&nbsp;$126,000 and phases out completely at $146,000.<\/li>\n<\/ul>\n\n\n\n<p><strong>Age restrictions:<\/strong><\/p>\n\n\n\n<p>Traditional IRA distributions must begin at age 73. If you have a Traditional IRA, and you deducted all prior contributions, distributions received will be fully taxable.&nbsp;<\/p>\n\n\n\n<p><strong>Other restrictions:<\/strong><\/p>\n\n\n\n<p>&nbsp;If you or your spouse has a retirement plan at work, your ability to contribute to a Traditional IRA is limited.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-roth-ira\">Roth IRA<\/h3>\n\n\n\n<p><strong>Income restrictions:<\/strong><\/p>\n\n\n\n<p>Similar to Traditional IRAs, you can\u2019t always contribute to a Roth IRA if your income is too high. For 2025:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>If you&#8217;re&nbsp;Single, the phase-out range starts at $146,000 and phases out completely at $165,000.<\/li>\n\n\n\n<li>If you&#8217;re&nbsp;Married Filing Jointly, the phase-out range starts at&nbsp;$236,000 and phases out completely at $246,000.<\/li>\n<\/ul>\n\n\n\n<p><strong>Age restrictions:<\/strong><\/p>\n\n\n\n<p>When you turn&nbsp;59 1\/2, you can start taking money out of your Roth IRA if your account has been open for&nbsp;at least 5 years. If you took tax deductions for all your contributions to a traditional IRA, the money you take out will be&nbsp;fully taxed.<\/p>\n\n\n\n<p><strong>Other restrictions:<\/strong><\/p>\n\n\n\n<p>None for Roth IRAs.<\/p>\n\n\n\n<p><em>Get more information about <\/em><a href=\"https:\/\/www.hrblock.com\/tax-center\/income\/retirement-income\/traditional-and-roth-ira\/\"><em>Traditional vs Roth IRAs<\/em><\/a><em>.<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-3-you-get-asset-growth-without-paying-tax-on-the-growth-each-year\">3 \u2013 You get asset growth without paying tax on the growth each year<\/h2>\n\n\n\n<p>The money in both Traditional and Roth IRAs can grow over time without being taxed each year. This helps your savings grow faster and may lead to a&nbsp;larger balance by the time you retire. But, the way they are taxed when the money is withdrawn, or taken out, differs:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>With a&nbsp;Traditional IRA, you will likely have to&nbsp;pay income tax&nbsp;on the money you take out in retirement, especially if most or all of it was tax-deductible when you contributed.<\/li>\n\n\n\n<li>With a&nbsp;Roth IRA, if you&#8217;re&nbsp;age 59\u00bd or older&nbsp;and your account has been open for&nbsp;at least 5 years, you can usually take out money&nbsp;tax-free\u2014including both your contributions and any earnings.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-4-you-will-supplement-other-retirement-savings\">4 \u2013 You will supplement other retirement savings<\/h2>\n\n\n\n<p>IRAs can augment other retirement programs offered by your employer, such as a 401(k) plan. IRA contributions will not impact your ability to participate in an employer-sponsored plan, but it will impact your ability to deduct a Traditional IRA contribution.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-5-you-could-receive-a-tax-credit-for-retirement-contributions\">5 \u2013 You could receive a tax credit for retirement contributions<\/h2>\n\n\n\n<p>Traditional and Roth IRA contributions are \u201celigible contributions\u201d when figuring a credit called the <a href=\"https:\/\/www.irs.gov\/retirement-plans\/plan-participant-employee\/retirement-savings-contributions-savers-credit\">Retirement Savings Contribution Credit<\/a>, or <a href=\"https:\/\/www.hrblock.com\/tax-center\/filing\/credits\/what-is-the-savers-credit\/\">Savers Credit<\/a>. The credit reduces taxes owed. The maximum credit is $1,000 for Single filers and $2,000 for married couples who file jointly, but it is reduced and eventually eliminated depending on your income and filing status.<\/p>\n\n\n\n<div class=\"wp-block-create-block-hrb-single-override-cta\" class=\"wp-block-create-block-hrb-single-override-cta\" style=\"background-color:#005d1f\"><div class=\"hrb-single-override-cta--image\" style=\"background-image:url(&quot;https:\/\/www.hrblock.com\/tax-center\/wp-content\/themes\/hrb_tic\/img\/on-laptop-at-desk-graphic.png&quot;);background-size:contain;background-position:center;background-repeat:no-repeat\"><\/div><div class=\"hrb-single-override-cta--copy #ffffff\"><h3 class=\"main-heading\">File with H&amp;R Block to get your max refund.<\/h3><div class=\"quick-links-list\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.hrblock.com\/online-tax-filing\/\">File online<\/a><\/div>\n\n\n\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.hrblock.com\/tax-offices\/?app_method=GENERAL_TAX_PREP_METHOD\">File with a tax pro<\/a><\/div>\n<\/div><\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-6-you-can-withdraw-assets-before-retirement\">6 \u2013 You can withdraw assets before retirement<\/h2>\n\n\n\n<p>If you find that you need the IRA funds prior to retirement, you can access them. However, if you are under the age 59\u00bd and receive a distribution, you will likely need to pay a 10% additional tax on top of the normal income tax liability associated with the distribution. There are some exceptions to this rule. For instance, if you need the funds to purchase your first home, you can take a one-time withdrawal of up to $10,000 without paying the 10% tax. You can also make penalty free withdrawals for the birth or adoption of a child.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-7-you-can-contribute-for-a-spouse\">7 \u2013 You can contribute for a spouse<\/h2>\n\n\n\n<p>Normally, if you do not earn an income during the year, you can\u2019t contribute to an IRA. But, for married couples with only one working spouse, there is an exception to the rule. A working spouse can establish a Spousal IRA on behalf of the non-working spouse in addition to their own account.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-8-you-can-contribute-after-the-end-of-the-year\">8 \u2013 You can contribute after the end of the year<\/h2>\n\n\n\n<p>You have few options to change your prior-year tax liability once you begin your&nbsp;<a href=\"https:\/\/www.hrblock.com\/filing-options-and-products.html\">tax return preparation<\/a>. With an IRA, prior-year contributions can be made up until the <a href=\"https:\/\/www.hrblock.com\/tax-center\/irs\/deadlines-and-extensions\/tax-deadlines\/\">tax return deadline<\/a>. Taxpayers who can claim an IRA deduction and the&nbsp;<a href=\"https:\/\/www.hrblock.com\/tax-center\/filing\/credits\/what-is-the-savers-credit\/\">Savers Credit<\/a>&nbsp;can reduce their tax liability or increase their refund.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-9-you-can-use-your-tax-refund-to-fund-an-ira\">9 \u2013 You can use your tax refund to fund an IRA<\/h2>\n\n\n\n<p>You can file your tax return and claim a deduction for a retirement contribution&nbsp;before&nbsp;you put the money into the IRA\u2014if you contribute by the tax deadline&nbsp;(usually April 15). This means you can use your&nbsp;tax refund&nbsp;to fund the IRA after filing.<\/p>\n\n\n\n<p>Just make sure to tell your IRA provider&nbsp;which tax year&nbsp;the contribution is for. If you don\u2019t, they might count it for the wrong year (the year you made the deposit instead of the year you meant it for).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-10-there-s-no-minimum-or-maximum-age-limit-for-opening-a-new-account\">10 \u2013 There\u2019s no minimum (or maximum) age limit for opening a new account<\/h2>\n\n\n\n<p>Anyone who earns an income can contribute to an IRA. This includes dependents and individuals who don\u2019t file a return. A teenager with a part-time job can contribute to an IRA just as a 45-year-old, full-time employee can. It is never too early (or late) to start planning for retirement with an IRA.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-get-help-with-iras-and-your-taxes\">Get help with IRAs and your taxes<\/h2>\n\n\n\n<p>Now that you better understand IRA tax rules\u2014you\u2019ll see these accounts have tax advantages. For more help with the tax implications of contributing to an&nbsp;IRA, let H&amp;R Block help.<\/p>\n\n\n\n<p>Whether you choose to&nbsp;<a href=\"https:\/\/www.hrblock.com\/tax-offices\/?app_method=GENERAL_TAX_PREP_METHOD\">file with a tax pro<\/a>&nbsp;or file with&nbsp;<a href=\"https:\/\/www.hrblock.com\/online-tax-filing\/\">H&amp;R Block Online<\/a>, you can rest assured that we\u2019ll get you the biggest refund possible.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Editor\u2019s Note:&nbsp;After the passage of the&nbsp;Secure Act, some rules around contributing to an IRA have changed. Learn more about what has stayed the same, and what has changed here. If you are planning for retirement, consider contributing to&nbsp;an&nbsp;IRA. Here are some of IRA benefits that can come from setting up one, as well as the [&hellip;]<\/p>\n","protected":false},"author":516,"featured_media":26588,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[24,48],"tags":[],"class_list":["post-15494","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-income","category-retirement-income"],"acf":[],"yoast_head":"<title>Traditional IRA &amp; Roth IRA Advantages | H&amp;R Block<\/title>\n<meta name=\"description\" content=\"Should you open an IRA? 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