Traditional IRA

Take advantage of this IRA that allows you to defer taxes on your earnings until they’re withdrawn.

Contribution limits1 for 2014 are as follows:

  • Age 49 and under: $5,500
  • Age 50 and above: $5,500 + $1,000 catch-up

Contribution limits1 for 2013 (contribution deadline is April 15, 2014)2 are as follows:

  • Age 49 and under: $5,500
  • Age 50 and above: $5,500 + $1,000 catch-up

Key Features

  • Tax-free contributions
  • No taxes until withdrawal
  • Required to begin taking distributions at age 70 1/2
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1 Contribution limits based on modified annual gross income (modified AGI). Refer to IRS Publication 590 for details.

2 The tax return filing deadline for 2014 is April 15. Refer to IRS Publication 590 for details.