Generally, a Traditional IRA is tax deductible for the tax year designated. Earnings are tax deferred until a withdrawal is made. Distributions are added as regular income. Roth IRA contributions are usually nondeductible. Interest earned is also tax deferred and can be tax free if you withdraw after age 59 ½ and have had the Roth IRA for at least five years. The Roth IRA does not have a mandatory distribution. Both types of IRAs do have specific income qualifications. Try our free Traditional and Roth IRA calculators to help you determine which one is the best fit for your needs.