Looking for a tax-deferred retirement plan?
A Traditional IRA may be for you. With a Traditional IRA, interest earned as income is not taxable until the funds are withdrawn. Usually this occurs after retirement when the taxpayer is in a lower tax bracket.
- Contributions to a traditional IRA can be tax deductible in the year they are made depending on the IRA, holder’s income level and participation in Employer Sponsored retirement plans.
- Contributions can be made until your tax deadline, generally April 15, for a prior year contribution.
- Contributions can be the lesser of the annual contribution limit or 100% of the earned income per participant and are allowed until the year in which the participant reaches the age of 70½.