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Traditional IRA/ROTH
 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:
- As of 2004, Annual Contributions of up
to $3,000, or 100% of compensation, whichever is less
- Non-employed spouses may also contribute
up to $3,000 per year
- If you are over the age of 50 you may contribute $3,500.
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:
- Tax-filing deadline not including extension
(usually April 15)
To find out more about how a ROTH
IRA, or a traditional IRA can help you meet your retirement
needs, call us at 801.377.1990 or fill out the form and we will contact you.
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