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.
If you're an employee of a company that offers a SEP IRA, your contributions count toward your traditional IRA contribution limit rather than the limit for defined contribution plans. For example, as of 2013, you can contribute up to $6,500 if you're 50 or older, or $5,500 if you're younger than 50.