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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?

What if I can’t take a deduction?

There are significant benefits to making an IRA contribution even if it is not currently tax deductible.

A non-deductible contribution grows tax-deferred, with earnings sheltered from taxation until withdrawn, and has already been taxed, and will not be taxed again.

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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