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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?

Are Traditional IRA contributions tax deductible?

IRA contributors receive a deduction on their annual contribution if they do not receive benefits under an employer’s retirement plan, or if their Modified Adjusted Gross Income (MAGI) is no more that $54,000 if married and filing jointly or $34,000 for single filers (Income amount(s) are for the 2002 tax year).

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?

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