ROLLOVER CONNECT | Traditional IRA

Traditional IRA

Plan Description

  • An individual retirement plan that permits tax-deferred savings for workers under the age 70 &fraq12;.
Key Features
  • Tax deductions depend on salary level and whether IRA owner participates in an employer-sponsored retirement plan.
  • Whether deductible or nondeductible, contributions grow tax deferred. 1
  • IRAs can be consolidated.
Who Can Establish
  • Anyone with earned income before the tax year in which age 70 &fraq12; is attained.
  • For married couples filing jointly, a nonworking spouse may also fund an IRA contribution based on the earned income of the working spouse (up to $3,000).
Annual Contributions
  • Up to $3,000.2 Contributions must be made by April 15 to be considered as a prior calendar year contribution.
  • Who contributes: individual.
This information is not intended to be tax advice. Please consult your tax advisor for detailed information. AIM representatives are not tax advisors.

1 Any withdrawal made prior to age 59 &fraq12; will be taxed as ordinary income and may be subject to an additional 10% IRS-imposed penalty.

2 Contributions for both Roth and Traditional IRAs in aggregate cannot exceed $3,000 for the tax year.
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