IRA FAQs

Frequently Asked Questions about IRAs

Traditional IRA

Who is eligible?
You can start contributing if you have earned income from employment equal to or greater than your IRA contribution.

How much can I contribute?
The annual contribution limit for individuals is $6,000 ($7,000 for ages 50 and above) or 100% of earned income, whichever is less. 

What are the withdrawal requirements?
Distributions from an IRA must begin in the year that an IRA holder turns 72 years.

Roth IRA

Who is eligible?
You simply need to have earned income equal to or greater than the amount you contribute up to a maximum amount set each year.

How much can I contribute?
The annual contribution limit for individuals is $6,000 ($7,000 for ages 50 and above) or 100% of earned income, whichever is less. 

What are the withdrawal requirements?
There are no required minimum distributions.

Roth IRA tax deductibility
Contributions are not tax-deductible. Please consult your tax advisor.

You can visit irs.gov for more information about IRAs.

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