[{"data":1,"prerenderedAt":7},["ShallowReactive",2],{"faq-standard-11464":3},{"rec_id":4,"title":5,"text":6},"11464","What are IRA contributions?","One way to save for retirement is to set up an IRA (Individual Retirement Account) and make contributions. IRA contributions are different from contributing to a 401(k) or 403(b) account or other investment account, so don't enter any non-IRA contributions here. If you rolled over any funds into an IRA account, that is also not considered an IRA contribution, so don't enter any rollovers here.\u003Cbr>\u003Cbr>\r\nThere are two types of IRAs:\r\n\u003Cul>\u003Cli>\u003Cb>Traditional IRA:\u003C/b> Traditional IRAs are retirement accounts with immediate tax benefits. If you contribute to a traditional IRA, you're usually allowed to take a deduction for the amount you contributed on that year's tax return.\u003C/li>\r\n\u003Cli>\u003Cb>Roth IRA:\u003C/b> Roth IRAs are retirement accounts with tax benefits that don't happen until you take money out of the account after retirement. If you contribute to a Roth IRA, you don't get any immediate deduction on your tax return, but the amounts you withdraw during retirement will be tax-free.\u003C/li>\u003C/ul>",1777391518723]