You are eligible to establish a Traditional IRA if you are younger than age 70 for the entire tax year and have reportable compensation.
- Earnings remain tax deferred until you make withdrawals from your account.
- Deductibility of your contribution is based on whether you or your spouse is an active participant in an employer's sponsored retirement plan. If you are an active participant, the deductible amount is dependent on your modified adjusted gross income (MAGI). Your tax professional can help you determine your actual deduction.
- You can withdraw funds from your IRA without a 10% premature distribution IRS penalty after you reach 59.
- Annual contribution limits in any combination of Traditional and Roth IRAs are:
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|50 and over||$6500||$6500|
Call us at 866-422-6574 or speak to your tax advisor to learn more about IRAs including "catch-up" provisions.