Traditional Rollover IRAs
Your traditional IRA can range from a credit union share certificate to stocks held in a brokerage account. You must receive compensation, be married to someone who does, or get alimony, in order to contribute to an IRA.
Here are the general rules:
- You can contribute up to $3,000 per year or your total compensation, whichever is less, as can your spouse.
- You can withdraw from your IRA without penalty to pay for certain expenses, such as educational expenses or buying a first time home. Otherwise , you can't take money out without penalty before you reach 59 1/2. You must begin withdrawing from your IRA by April 1 of the year following the year in which you reach age 70 1/2.
- You can often deduct IRA contributions from your income tax.
For more information on Traditional IRAs and the best fit for you, contact your tax advisor.
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