Lisa Nguyen
Transportation Researcher, UCLA
Traditional IRA
In This Article
Definition
Individual retirement account with tax-deductible contributions that grow tax-deferred until withdrawal.
Related Terms
Ad Space Available
Ad Space Available
FAQs
Deductible for gig workers?
Yes, if you don't have employer retirement plan.
Traditional vs Roth?
Traditional if you need tax deduction now.
Similar Terms
Solo 401(k)
Retirement plan for self-employed allowing both employee and employer contributions up to $66,000/year.
SEP IRA
Simplified Employee Pension retirement account for self-employed with contributions up to 25% of net income.
Roth IRA
Individual retirement account with after-tax contributions that grow tax-free, with tax-free withdrawals in retirement.
Roth vs Traditional (IRA/401k)
Roth accounts use after-tax money with tax-free growth; Traditional uses pre-tax money with taxed withdrawals.
How We Research & Review
Our team includes CPAs, former gig workers, and financial experts who personally test platforms and verify earnings claims. We follow strict editorial guidelines to ensure accuracy and objectivity.
Important Disclaimer: This content is for informational purposes only and should not be considered tax, legal, or financial advice. Consult a qualified professional (CPA, tax attorney, or financial advisor) for advice specific to your situation.