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Individual IRA

IRA contribution limits for 2018 and 2019 are $5,500 and $6,500 for those age 50+ wishing to make catch-up contributions.

This page gives you a brief description of your IRA options. Please use it as a starting point to make yourself familiar with the expanded IRA rules. Then, consult with your tax advisor about what is the best choice for you. Because tax laws are complicated, you'll want to make sure that you take into consideration your complete financial picture and strategy needs. Making an informed decision now can prevent penalties and reduced earnings in the future.

Type of AccountTraditional IRA

A traditional IRA may be fully or partially deductible, depending on your income level and whether or not your are considered an "active" participant in an employer sponsored plan. Deductibility is available on a sliding scal basis if your are an "active participant."

The traditional IRA is a convenient savings vehicle for retirement. If the contributions are deductible, the contributions and earnings will be taxable when withdrawn. If you begin withdrawals after age 59 1/2, your tax rate will probably be lower. If you make withdrawals prior to age 59 1/2, you may be able to do so without penalty if:

  1. The withdrawal is for qualified higher education expenses (tuition, books, room and board, etc.) for yourself, your spouse, your child or your grandchild.
  2. If up to $10,000 is withdrawn for first time home purchases. These withdrawals would be subject to ordinary income tax and may also be subject to early withdrawal penalties.
Taxable YearSingle Phase Out Range With Work PlanJoint Phase Out Range With Work PlanMaximum ContributionOver age 50 Catch-Up Contribution Allowed
2018 $63,000-$73,000 $101,000-$121,000 $5,500 $1,000
2019 $63,000-$73,000 $101,000-$121,000 $5,500 $1,000

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