Traditional IRA

Traditional IRA’s (Individual Retirement Arragements) are designed to allow Americans to put away tax deferred dollars into their savings for retirement. If you’re eligible, this means that your contributions to your Traditional IRA are not taxed for the purposes of federal income tax now, although contributions will be taxed as ordinary income when they are withdrawn in retirement. Those who qualify can contribute up to $5,000 (or $6,000 if you’re 50 or older) to a Traditional IRA. Traditional IRA’s do have income limits that are important to consider, after which you are not eligible to make tax deferred contributions. Check out the articles below for more information on Traditional IRA’s. Thanks for visiting 401k limits!