Follow your own path to retirement.
Contributions to a Traditional IRA may be deductible from your current taxable income.
You may withdraw money from your Traditional IRA at any time, and the taxable portion
of that withdrawal will be taxed as ordinary income. Taxable amounts you withdraw
prior to age 59 ½ may be subject to the IRS 10% early distribution penalty. Traditional
IRA account funds may be invested in bank products or non deposit products as directed
by the accountholder.
If you are under 50 years of age, you may contribute $5,500 or 100% of your earned
income per year, whichever is less. If you are age 50 or older, your contribution
amount changes to $6,500 or 100% of your earned income per year, whichever is less.
You may contribute to a Traditional IRA, a Roth IRA, or a combination of the two.
But contributions to a Traditional IRA must be aggregated with Roth IRA contributions
to comply with the annual contribution limit.
If you have little or no earned income, are married, and file a joint federal income
tax return, you may contribute using the spousal rules. If you and your spouse's
combined income is at least $11,000 and you are both under 50 years old, you may
each contribute up to $5,500. If you and your spouse's combined income is at least
$13,000 and you are both 50 or older, you may each contribute up to $6,500 to a
You can contribute to a Traditional IRA up to the year you turn 70 ½. Once you are
in your 70 ½ year, you can no longer contribute to a Traditional IRA.
Deducting Your Contributions
Your Traditional IRA contribution is fully deductible if you (you and your spouse,
if married) are not an active participant(s) in a retirement plan at work, regardless
of income level. If you (or your spouse, if married) are covered by a retirement
plan at work, your Traditional IRA contribution may still be deductible depending
on your income level.
You are required to take distributions from your Traditional IRA beginning April
1 of the year following the year you reach age 70 1/2 .
Consult your tax adviser regarding eligibility, contributions, and distributions.
Withdrawals may be subject to early withdrawal penalties per investment account
contract. Fees may reduce earnings.
WesBanco Bank, Inc. is a Member FDIC. Individual Retirement Accounts may be invested
in insured deposits, or non-deposit investment products. Non-deposit investment
products are not insured by the FDIC, are not deposits or other obligations of,
or guaranteed by any bank or any affiliate, and are subject to investment risks
including the possible loss of the principal amount invested.
Explore your own financial information in greater detail by using these powerful
tools for forecasting and assessing your financial choices.