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For information on the differences between IRA types, see Traditional and Roth IRA Comparison.
The law imposes a 10% tax penalty on early withdrawals. Additionally, you incur a tax penalty for withdrawing your money before you turn 59 1/2, unless your withdrawal meets one of the standard exceptions.
You can make annual contributions to a Traditional or Roth IRA from January 1 until the tax-filing deadline for the contribution year, which is usually April 15.
Neither State Farm® nor its agents provide tax or legal advice.
A 10 percent tax penalty may apply for withdrawals from tax-qualified products before age 591/2.