First Republic Private Wealth Management includes First Republic Trust Company; First Republic Trust Company of Delaware LLC; First Republic Investment Management, Inc., an SEC-Registered Investment Advisor; and First Republic Securities Company, LLC, Member FINRA/ SIPC.
Contributions to a traditional IRA reduce your AGI (Adjusted Gross Income) and lower your taxes. Your contribution must be made by April 15 following the tax year to be deductable. Contributions to a Roth IRA do NOT reduce AGI and do not lower your current taxes.
Contribution Limit Overlap. The limit for contributions you can make as an individual to a Roth IRA or SEP IRA is cumulative for both plans. For example, in 2015, you can put in up to $5,500 ($6,500 if you're 50 or older) to both plans combined. Roth IRA is an IRA that you start and make contributions on your own. A SEP IRA allows both you and your employer to make contributions to your retirement nest egg.