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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?

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?

Yes, if you meet other requirements, you are eligible to contribute to an IRA even if you are participating in a retirement savings plan at work. However, you may not be able to make a deductible contribution. For deductibility guidelines, please consult your tax/financial advisor.

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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