|(Reduced by any contributions made to a Roth IRA)|
|*Individuals who attain the age of 50 before the end of the taxable year are eligible.|
Anyone under age 70 1/2 with earned income, regardless of income level. A non-working spouse may also contribute up to the maximum amount allowable, as stated above.
The allowable contribution limit, as stated above, is phased out for individuals with adjusted gross incomes between $99,000 - $114,000 (single) and $156,000 - $166,000 (joint).
Tax-deferred investment growth and possible tax deduction for contributions. Taxes not paid on deductible contributions and all earnings until money is withdrawn.
Tax-free investment growth if the account has been open and funded for five years and certain requirements are met.
It depends on an IRA holder's active participation in an employer retirement plan. Marital status and modified adjusted gross income (MAGI), based on the IRS Form 1040 information may also affect the deductibility of contributions.
|Is the IRA holder married to an active participant?||The deductibility of eligible contribution depends on MAGI|
|The eligible contribution is deductible||The deductibility of the contribution depends on MAGI|
Financial organizations do not determine or track deductible contributions. The deductibility of an IRA contribution is determined by the IRA holder (and/or a competent tax advisor).
Your contribution is not tax-deductible.
Yes, you must be under age 70-1/2 to contribute. Distributions must begin at 70-1/2.
No, these contributions can continue beyond age 70 1/2 so long as there is earned income.
Withdrawals can be made penalty-free prior to age 59 1/2 to help pay for purchase of a first home or for education (taxes apply to all earnings and all deductible contributions withdrawn). Certain withdrawal amounts made prior to age 59 1/2 may be subject to additional 10% penalty tax.
Similar to regular IRA provision. However, the account must be open and funded for at least five years to qualify for a tax-free withdrawal of investment earnings upon reaching age 59 1/2; becoming disabled; purchasing a first home; or due to death.
You may transfer to and from other IRAs. You may roll-over from employer plans.
You may transfer a traditional IRA to a Roth IRA (if adjusted gross income is no more than $100,000). Taxes must be paid on deductible contributions and all earnings when a Traditional IRA is converted to a Roth IRA, but 10% penalty tax does not apply.
*If you have any questions on taxes or eligibility for these plans, please see your tax or financial advisor.
For any questions on taxes or eligibility for an IRA, please see your tax or financial advisor.