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Traditional IRA's

Start a Traditional IRA

A traditional IRA, also known as a regular IRA, offers tax deferred growth potential with individuals able to deduct all or a part of their Traditional IRA contributions from pretax income if certain income levels are met. Additional information can be found at IRS.gov.


IRA's at a Glance


Anyone under age 70 ½ who has earned income may establish a Traditional IRA.
The maximum Traditional IRA contribution for Tax year 2012 is $5,000 ($6,000 if over age 59 ½). You can contribute to a traditional IRA anytime during the year up until the tax deadline.

Tax Advantages  

Traditional IRA’s earn tax deferred compound growth!

Offered By  

Traditional IRA’s are offered by Banks & Credit unions, Brokerage houses, Mutual Fund carriers, and Insurance Companies.


Prior to age 59 1/2

Subject to ordinary income taxes
Subject to a 10% penalty (exceptions to 10% penalty)

Age 59 ½ - 70

Subject to ordinary income taxes only

Age 70 ½ or older

Subject to ordinary income taxes
Subject to RMD - Required Minimum Distributions


You must begin taking (RMD) Required Minimum Distributions by April 1st of the year following the year you turn age 70 ½ and each year after that.


Exceptions to the 10% Penalty for
Traditional IRA Withdrawals Prior to Age 59 1/2


 1. Death

 2. Disability

 3. The first $10,000 attributed to the purchase of a first home

 4. Qualified medical expenses

 5. Qualified higher education expenses

 6. Health insurance premiums if the individual has been unemployed
    for at least 12 consecutive weeks.

 7. A series of substantially equal periodic payments

 8. Conversion of a Traditional IRA to a Roth IRA.

 9. Qualified reservist distribution

10. Creditor access / IRS Levy