Building your retirement savings with a Traditional IRA means you may not pay any taxes until you take distributions. Your contributions are also tax-deductible up to certain income limitations.
You may make contributions up to the age of 70½ and each tax year you can continue to make contributions through April 15th. You may begin to take penalty-free distributions at the age of 59½.
General Contribution Limit
For 2013 and 2014, the most an individual can contribute to a Traditional IRA is generally the smaller of:
- $5,500 ($6,500 if the individual is age 50 or older), or
- The individual's taxable compensation for the year
You can’t make regular contributions to a traditional IRA in the year you reach 70½ and older. However, you can still contribute to a Roth IRA and make rollover contributions to a Roth or traditional IRA regardless of your age.
Already have an IRA?
If you need to make a change or transfer an IRA, click on the appropriate form below.