The site navigation utilizes arrow, enter, escape, and space bar key commands. Left and right arrows move across top level links and expand / close menus in sub levels. Up and Down arrows will open main level menus and toggle through sub tier links. Enter and space open menus and escape closes them as well. Tab will move on to the next part of the site rather than go through menu items.
A traditional IRA is a type of retirement plan that, in many cases, offers tax deferred earnings and the possibility for tax-deductible contributions. These tax advantages make the traditional IRA a powerful tool in creating a balanced, long-term retirement savings plan.
Keep More - Accumulated earnings are tax deferred
Save Money - Contributions are tax-deductible if you qualify
Save More - The amount you can contribute is increasing
Withdraw Earlier - Normal withdrawals (without penalty) can begin at age 59½
Anyone with eligible compensation can contribute to a traditional IRA.
If you or your spouse are active participants in an employer-sponsored retirement plan, the deductible amount is dependent on your modified adjusted gross income and income tax-filing status. You may be eligible for the maximum deduction, a partial deduction, or no deduction. Talk to a tax professional to help determine your actual deduction.
You can still make non-deductible contributions to your IRA. You may also be eligible for a Roth IRA.
Although Roth IRA contributions are not tax deductible, earnings are tax exempt if withdrawn after age 59½ and are distributed after the five-year holding period. Distributions of the Roth IRA’s owner’s contributions before the five-year holding period are not subject to tax or penalty. If a distribution consists of earning and the five-year holding period has not elapsed or the owner is younger than age 59½, the earnings may be subject to a tax and 10% penalty unless an exception applies. Roth IRA owners who are younger than age 59½ may take a Roth IRA distribution without penalty for the qualified following reasons:
Contribution limits continue to increase allowing you to contribute more money than ever to your traditional and Roth IRAs. If you are over the age of 50, you qualify for ‘catch-up’ contributions which exceed the standard yearly contribution limits.
