1. Traditional IRAs: Introduction
  2. Traditional IRAs: Eligibility Requirements
  3. Traditional IRAs: Contributions
  4. Traditional IRAs: Distributions
  5. Traditional IRAs: Conclusion
By Denise Appleby

Let's recap:

  • 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.

Related Articles
  1. Retirement

    Making Spousal IRA Contributions

    Eligibility requirements, contribution limits and tax deductions all change with one little ring.
  2. Retirement

    11 Things You May Not Know About Your IRA

    These little-known features will help you get the most out of your retirement savings.
  3. Retirement

    Roth vs. Traditional IRA: Which Is Right For You?

    To answer this question, you need to consider several of the factors we outline here.
  4. Retirement

    Roth IRAs: Conclusion

    Like the Traditional IRA, Roth IRAs are flexible, and they are a popular way for individuals to save for their retirement. Roth IRAs differ, however, because assets can grow on a tax-free basis. ...
  5. Retirement

    Tips On How To Use IRAs To Boost Retirement Savings

    According to the Trustees of the Social Security Fund, the fund will be depleted by 2037. Are you ready?
  6. Retirement

    Roth IRAs: Contributions

    Funding an IRA A Roth IRA can be funded from several sources: Regular contributions Spousal IRA contributions Transfers Rollover contributions Conversions Recharacterizations Roth IRA Regular ...
  7. Retirement

    Top 10 Mistakes To Avoid On Your IRA

    IRA rules are complicated. It's easy to make mistakes – and they can cost you big time.
  8. Personal Finance

    An Introduction To Correcting Ineligible IRA Contributions

    Eager to save for retirement? Find out how to avoid overpayment penalties.
  9. Retirement

    IRA Contributions: Eligibility And Deadlines

    Use this checklist for contribution requirements to make your payments on time.
  10. Financial Advisor

    IRAs: Top Things You Need to Know About Them

    By understanding the major rules for both traditional and Roth IRAs, you'll be prepared to enjoy the benefits of these investment opportunities.
Trading Center