1. a usually chile plural chilÂ·es: a hot pepper of any of a group of cultivars (Capsicum annuum annuum group longum) noted for their pungency âcalled also chili pepper b usually chilli plural chillies also chilÂ·lis chiefly British: a pepper whether hot or sweet. 2.a: a thick sauce of meat and chiles. usually chile plural chilÂ·es: a hot pepper of any of a group of cultivars (Capsicum annuum annuum group longum) noted for their pungency âcalled also chili pepper b usually chilli plural chillies also chilÂ·lis chiefly British: a pepper whether hot or sweet. 2.
The primary benefit of a traditional IRA is that in most cases, the contributions are made on a pre-tax basis. This means that when you deposit money into the IRA, you can deduct that amount from your taxable income. This results in paying less income tax for the year.
Unlike a traditional IRA, you cannot deduct contributions to a Roth IRA. But, if you satisfy the requirements, qualified distributions (discussed later) are tax free. Contributions can be made to your Roth IRA after you reach age 70Â½ and you can leave amounts in your Roth IRA as long as you live. Traditional IRA. A traditional IRA is any IRA that is not a Roth IRA or SIMPLE IRA.