 |
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Single |
Married-Joint |
Single |
Married-Joint |
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2002—2004: $3,000
2005—2007: $4,000
2008: $5,000
2009 and after: INDEXED |
|
2002—2005: $500
2006 and after: $1,000 |
|
Yes 2 |
No |
|
Tax-Deferred |
Tax-Free3 |
Tax-Free3 |
|
Yes |
Yes4 |
|
No2 |
$110,000 |
$160,000 |
|
No |
Yes3 |
|
Yes—Age 70 1/2 |
No |
|
1st Home, Education or Medical Expenses
(IRS Definition of Disabled) |
1. IRA holders age 50 or older may contribute this amount in excess of the maximum annual contribution.
2. Note: Contributions to Traditional IRA deductibility threshold levels are shown below.*
3. Earnings are tax-free so long as the Roth IRA is maintained for 5 years and participant is at least 59 1/2.
4. A rollover from a qualified retirement plan must first be made to a Traditional IRA and then may be converted to a Roth IRA.
Withdrawals made prior to age 59 1/2 may incur penalties. Income limits are phased for both Traditional and Roth IRAs.
This text should not be used for legal or tax advise. Consult your tax advisor on all IRA matters.
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|
|
|
$34,000—$44,000 |
$54,000—$64,000 |
|
$40,000—$50,000 |
$60,000—$70,000 |
|
$45,000—$55,000 |
$65,000—$75,000 |
|
$50,000—$60,000 |
$70,000—$80,000 |
|
$50,000—$60,000 |
$75,000—$85,000 |
|
$50,000—$60,000 |
$80,000—$100,000 |
Note: Effective for 2007 and later tax years, the deductibility phase-out range will increase from $10,000 to $20,000
for married taxpayers filing a joint return.
For married individuals filing a separate tax return, the deductibility threshold level remains at $0 to $10,000.
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For more information or to open an account, stop by your local branch or call us at 1-866-IB DIRECT (1-866-423-4732).
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