Traditional IRA - Frequently Asked Questions
Click on any question below to veiw answers to some common questions about Traditional IRA accounts.
Who can contribute to an IRA and how much can you contribute?
Anyone can contribute to an IRA that is under the age of 70 1/2 for the year that contribution is being made, and have earned income from employment equal to or greater than your IRA contribution.
For 2005 and 2006 tax year(s), the annual contribution limit for a Traditional IRA is $4,000 ($8,000 for married couples) or 100 percent of earned income, whichever is less. At age 50 and older, you may contribute an additional $1,000.00 per year ($2,000 if married, filing jointly).
Are Traditional IRA contributions tax deductible?
What if I can’t take a deduction?
Can I transfer my existing IRA to BankDirect?
I am contributing to an employer-sponsored retirement plan. Am I still eligible to contribute to an IRA?
When can I take my money out?
Can I take my money out before I reach age 59½?
How do I open a BankDirect IRA?