- Any individual who has taxable compensation during the year and will not reach age 70.5 by the end of the year may make an IRA contribution for the year.
- Traditional IRAs must be established with institutions that have received IRS approval, such as most banks, brokerages and savings institutions.
- A Traditional IRA can be funded from your own contributions, spousal contributions, transfers or rollovers.
- All regular IRA contributions must be made in cash.
- IRAs cannot invest in collectibles, which include art works, rugs, antiques, metals, gems, stamps, coins, alcoholic beverages and certain other tangible personal property.
- The tax and penalty treatment applicable to distributions from a Traditional IRA is determined by the IRA owner's age at the time of withdrawal and the tax deductibility treatment of contributions.
RetirementEligibility requirements, contribution limits and tax deductions all change with one little ring.
RetirementTo answer this question, you need to consider several of the factors we outline here.
RetirementTraditional IRAs and Roth IRAs have different benefits, but both are great for retirement savings.
RetirementIRA rules are complicated. It's easy to make mistakes – and they can cost you big time.
RetirementIRAs have certain tax advantages that allow your nest egg to grow at a faster rate. But there are annual limits on how much you can contribute.