TRADITIONAL IRA
............Enjoy Tax-Deferred Growth
with a Traditional IRA
Features
- Earnings aren’t taxed until withdrawn
- Contributions may be tax-deductible
- Mandatory distributions begin at age 70 1/2
- Accepts rollovers from other IRAs and employer retirement plans
- FDIC insured up to the maximum amount allowable by law
Eligibility
- You must earn compensation (or your spouse must earn compensation if you file a joint tax return)
- You can’t contribute if you’ll have reached 70 1/2 by the end of the year
Requirements
- Minimum deposit: $100
- Contributors under age 50 may contribute up to $6,000 in 2021
- Contributors age 50 or older may contribute up to $7,000 in 2021
- Contributions cannot exceed the compensation
Please consult your tax professional for tax rules regarding IRAS.
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