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Individual Retirement Account (IRA)

An Individual Retirement Account (IRA) is an excellent tool for retirement savings. Choose from our Traditional and Roth options and benefit from the tax advantages each plan provides:

  • Traditional IRA provides potential tax relieft today.
  • Roth IRA has the potential for most tax benefit at the time of retirement.
  • Your tax advisor or the IRS website can help you decide which is best for you.

Traditional IRA

Roth IRA

Is there an annual contribution limit? 

  • Yes, $6,000 (under age 50)
  • $7,000 (age 50+)
  • Yes, $6,000 (under age 50)
  • $7,000 (age 50+)

Is there an age limit to make a contribution?

  • No
  • No

Are there income limits on the ability to make contributions?

  • No
  • Yes - the ability to contribute phases out between $124,000 and $139,000 Modified Adjusted Gross Income (MAGI) for single filers and between $196,000 and $206,000 MAGI for joint filer

Are contributions deductible?

  • Your deduction may be limited if you or your spouse, are covered by a retirement plan at work and your income exceeds certain levels
  • No, all contributions are nondeductible, after-tax contributions

Are there minimum distribution requirements?

  • Starting in 2020, distribution must begin by April 1 following the year in which you turn 72 and by December 31 of later years
  • Not if you are the original owner

How are withdrawals taxed after age 59 ½?

  • Withdrawals are subject to income taxes
  • Contributions are withdrawn tax-free after the 5 year period and you reach age 59 ½

Can I convert my IRA?

  • A conversion to a Roth IRA results in taxation of any untaxed amounts in the Traditional IRA
  • An account set up as a Roth IRA cannot be converted to a Traditional IRA

Please consult a tax advisor for your specific situation.

For More Information on IRAs

Inquire online, visit your local branch, or call us at 410-641-1700.

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