The maximum amount of money that can be contributed to a traditional IRA in 2023 is $6,500 for individuals under the age of 50 and $7,500 for individuals aged 50 and older.

The maximum amount of money that can be contributed to a Roth IRA in 2023 is $6,500 for individuals under the age of 50 and $7,500 for individuals aged 50 and older.

The minimum age at which you can start taking withdrawals from a traditional IRA is 59.5.

The minimum age at which you can start taking withdrawals from a Roth IRA is 59.5.

The penalty for taking a withdrawal from a traditional IRA before the age of 59.5 is 10%.

There is no penalty for taking a withdrawal from a Roth IRA before the age of 59.5.

The required minimum distribution (RMD) for a traditional IRA is 7% of the account balance for individuals aged 72 and older.

There is no required minimum distribution (RMD) for a Roth IRA.

Withdrawals from a traditional IRA are taxed as ordinary income.

Withdrawals from a Roth IRA are tax-free.

The estate tax exclusion for retirement accounts is $12.92 million in 2023.

The generation-skipping transfer tax (GSTT) rate is 40%.

The annual gift tax exclusion is $17,000 in 2023.

The lifetime gift tax exemption is $12.92 million in 2023.

The unified credit for estate and gift tax is $12.92 million in 2023.