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Traditional IRA

An individual retirement plan that permits tax-deferred savings for workers younger than 70½.

Contributions are allowed regardless of the individual's adjusted gross income.
Contributions may be deductible. Tax deductibility of contributions depends on salary level and whether the IRA owner participates in an employer-sponsored retirement plan.
Earnings on both deductible and nondeductible contributions accumulate on a tax-deferred basis.
Withdrawals made prior to 59½ will be taxed as ordinary income and may be subject to an additional 10% tax.

Anyone with earned income before the tax year in which 70½ is attained may contribute.
For married couples filing jointly, a nonworking spouse may also fund an IRA contribution based on the earned income of the working spouse (up to the annual limit).

Please see Retirement Plan Limits for the current compensation and contribution limits for this plan.

$10 per account¹ includes 1099-R and 5498.

¹$10 per account is drafted automatically unless otherwise instructed.

This information does not constitute tax advice. Please consult your tax adviser about your particular situation.