Allows you to defer taxes on earnings until they are withdrawn.
Some contributions are tax deductible for the tax year for which they are made.
If you have earned income and are younger than 70 through the entire year, this IRA would fit you. You can withdraw funds without penalty after you reach age 59 . Contributions are not tax deductible. Similar to the Roth IRA but must be used specifically for a child's educational expenses. Tuition, fees, books, supplies, and equipment required for the enrollment or attendance of your designated beneficiary.