Imagine getting the most out of filing your taxes.

However you imagine it, three potential tax advantages of a Traditional IRA may help you reach your retirement happy place.


Reduce tax liability now

Grow earnings tax-deferred

Commit to your retirement goals

You'll need an account before you can invest in an IRA.

 


 


Traditional IRAs and taxes: How knowing more
today could pay off tomorrow.

For tax year 2018, if you’re under age 50, you can contribute up to $5,500. Age 50 to 70½? Up to $6,500.

For tax year 2019, contributions increase to $6,000 for those under 50 and $7,000 age 50 to 70½.

Contributions may be tax-deductible.
Learn more about contribution deduction limits>>>

A Traditional IRA offers potentially tax-deductible contributions if you meet income limits and eligibility criteria.
See eligibility criteria>>>

Contributions and earnings are eligible for distribution without penalty at age 59 ½*. Distributions are required starting at age 70 ½.
See additional withdrawal exemptions>>>

Investments grow tax-deferred until withdrawn. Withdrawing during retirement in a lower tax bracket could mean significant tax savings.

No. You can continue to open or contribute to a Traditional IRA and use it for 2018 taxes as late as 04/15/19. Already filed? You can still take advantage of the tax benefits by filing an amended return.

Whether or not you’re already taking advantage of a Traditional IRA to help reduce your tax liability, the money you save on taxes and any refund you receive could be invested in a Traditional IRA next year and could continue to pay off in the future.

You may be still able to open a Traditional IRA and deduct those contributions this year to potentially reduce what you owe the IRS. Missed the deadline? Continue to contribute to plan ahead for next year’s taxes – and your future.

You'll need an account before you can invest in an IRA.

Want more information about Traditional IRAs?

 

 

This website is not intended as a source for legal, accounting or tax advice or services. Work with your attorney and/or tax professional for additional information.