Traditional Rollover or Contributory IRAs

A Traditional IRA is a tax-advantaged personal retirement plan that allows earnings and deductible contributions to grow tax-deferred. That means you don’t pay income taxes on the earnings and deductible contributions of your IRA until you begin taking withdrawals, usually after you retire and possibly are in a lower tax bracket. In addition, contributions may be deductible from your gross income on your federal income tax return for the year in which the contributions are made.

An Individual Retirement Arrangement is a tax-exempt trust (as defined in IRC Section 408(a)) allowing the contribution of a set sum of money into a written trust or custodial account where the earnings can grow tax-deferred.

The Trustee or Custodian must be a bank, federally insured credit union, loan association, or other institution that satisfies the Internal Revenue Code (IRC) definition of a "Trustee/Custodian."

    

Learn more

  Eligibility

  2007 Contribution Limits

  Contribution Deadline

  Deductible vs. Non-Deductible Contributions

  Distributions from an IRA

  Penalty-Free Traditional IRA Distributions