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Traditional ROTH/IRAs

May be suitable for:

  • Wage-earning individuals who want to save for retirement
  • Non-employed spouses, who file a joint tax return

Features:

  • Any earnings accumulate tax deferred
  • Contributions may be tax deductible in a traditional IRA
  • Can be used in conjunction with any retirement plan
  • Distributions from ROTH IRA are tax-free if certain requirements are met

Eligibility Requirements:

  • Must be under the age of 70 1/2 to contribute (traditional). No age limit (ROTH)
  • Must have earned compensation during the year or be married to a wage earner

Plan Contribution Limits:

  • For 2014-2015, Annual Contributions of up to $5,500, or 100% of compensation, whichever is less
  • Non-employed spouses may also contribute up to $5,500 per year
  • If you are over the age of 50 you may contribute $6,500

Distributions:

  • Distributions taken prior to age 59 1/2 may be subject to a 10% federal income tax penalty, in addition to ordinary income tax, unless rolled over within 60 days
  • Minimum distributions required at age 70 1/2 for a traditional IRA

Deadline to Setup/Contribute:

  • Deadline to Setup/Contribute

For more information, please call us at 1.800.508.1144.

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