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What is a Traditional IRA?

IRA stands for Individual Retirement Account, and it’s basically a savings account with tax breaks for those who qualify, making it an ideal method to put away money for your retirement. There are certain IRS requirements about whether your contributions are tax-deductible or not, and the restrictions are based on certain criteria. There are limits…

Who can contribute to a Traditional IRA?

If you are under the age of 70 ½ by December 31 of the calendar year and you (or your spouse) have earned income during that year, you can put money into a Traditional IRA.

How much can I contribute to a Traditional IRA?

For , you can save the lesser of your taxable compensation for the year or [contribution_ira_total() {] ([contribution_ira_50_or_older() {] if you are age 50 or older)* to a Traditional IRA. If you have more than one IRA, all the money you put into these accounts will count towards your limit for the year.

How is the tax-deductibility of my contributions to a Traditional IRA determined?

It depends on whether you (or your spouse) are covered by an employer-sponsored retirement plan at work (regardless if you actually participate in that plan), your tax-filing status and/or your Marginal Adjusted Gross Income (MAGI). No retirement plan at work If you (or your spouse) are not covered by an employer-sponsored retirement plan (for example,…

Can I take withdrawals from a Traditional IRA?

You can take a withdrawal from a Traditional IRA at any time, but you may be subject to a penalty if you withdraw the money before the minimum age. If you are below age 59 ½, your withdrawal will be subject to a 10% early withdrawal penalty. Withdrawals for the purchase of your first home…