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Traditional IRAs1

With a Traditional IRA, contributions can be made on a pretax (tax-deductible) basis if certain requirements are met.

Any earnings in the Traditional IRA are tax-deferred as long as they remain in the account. Withdrawals can begin when the account owner is age 59 ½, or becomes disabled or deceased, but are subject to ordinary income tax when withdrawn. Beginning with the year you attain age 73, required minimum distributions (RMDs) must be taken from Traditional IRAs.

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Contact a Retirement Specialist To Learn More About:

  • Contributions
  • Spousal Contributions
  • Age Requirement
  • Deducting Your Contributions
  • Distributions


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 account holder.

If you are under 50 years of age, you may contribute $7,000 or 100% of your earned income per year, whichever is less. If you are age 50 or older, your contribution amount changes to $8,000 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. However, contributions to a Traditional IRA must be aggregated with Roth IRA contributions to comply with the annual contribution limit.

Spousal Contributions

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 have a combined income of at least $14,000 and you are both under 50 years old, you may each contribute up to $7,000. If you and your spouse have combined income of at least $16,000 and you are both 50 or older, you may each contribute up to $8,000 to a Traditional IRA.

Age Requirement

There is no longer an age restriction on Traditional IRA contributions. As long as you have earned income, you can make a contribution.

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 73. Consult your tax advisor regarding eligibility, contributions, and distributions. Withdrawals may be subject to early withdrawal penalties per investment account contract. Fees may reduce earnings.

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