IRA Services

Trusted by over 142,500 Clients with over $10 Billion in Assets

You are here: Home / Traditional IRA

Traditional IRA

With a Traditional IRA, you make contributions with money you may be able to deduct on your tax return. Any earnings potentially grow tax-deferred until you withdraw them in retirement.

Benefits
Contributions are tax deductible
Penalty-free withdrawals
No Income limits on participation
Contributions are protected from creditors
Can be set up with another retirement plan

Advantages 
Eligibility
  • Includes individuals less than 70½ years of age
  • Must have earned income
2018 Contributions
  • Contributions may be tax deductible with a maximum contribution of $5,500 ($6,500 if age 50 or older)
2019 Contributions
  • Contributions may be tax deductible with a maximum contribution of $6,000 ($7,000 if age 50 or older)
Earnings
  • Earnings can grow tax deferred
Withdrawals
  • After age 59 1/2 withdrawals are penalty-free, but taxed as current income
  • 10% early withdrawal penalty may apply for withdrawals taken prior to age 59½
  • Minimum required distributions (MRDs) starting at age 70½
Funding Your Account
  • Use earned income
  • Roll over funds from a 401 (k)
  • Transfer an IRA
  • Convert a Traditional IRA to a Roth IRA

Next Steps


Open a Traditional IRA


Rollover Checklist: Three steps to roll over your 401(k)

Contact Us

IRA Services
PO Box 7080
San Carlos, CA 94070-7080

(800) 248-8447
(605) 385-0050
info@IRAServices.com