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Traditional IRA

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Overview

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Eligibility

To be eligible to participate in a Traditional IRA, you must:

  • Be under the age of 70½
  • Earn income in the year that you make a contribution
  • Be the non-compensated spouse of an individual with earned income filing joint tax returns

Eligible Income

  • Wages
  • Salaries
  • Bonuses
  • Tips
  • Professional fees
  • Taxable alimony
  • Commissions
  • Self-employment income

Ineligible Income

  • Interest income
  • Pension or retirement income
  • Income from rental property
  • Deferred compensation
  • Foreign earned income
  • Annuity income
  • Dividend income
  • Any income not included in gross for federal tax purposes

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Contributions &{br}Withdrawals

Contributions

  • Individuals below age 50 may contribute $5,500 per year or 100% of eligible compensation, whichever is less.
  • Individuals age 50 to 70 (not including the year you turn 70½) may contribute $6,500 or 100% of eligible compensation, whichever is less.
  • Your contributions may be tax deductible. Please consult your tax advisor for details.
  • Contributions can be made up to each years federal income tax return filing deadline, usually April 15.

Withdrawals

  • Any withdrawals made while you are under the age of 59½, will be subject to a 10% penalty in addition to federal and state income taxes. Certain exceptions to the penalty fee apply including death or disability, qualified education expenses, first-time home purchases and unreimbursed medical expenses.
  • If you are over the age of 59½, all withdrawals are allowed without penalty, but will be subject to normal income taxes.
  • You must take minimum required distributions starting at age 70½. The amount of the distribution will depend upon how much you saved in the account and your life expectancy according to data provided by the IRS.

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Investment{br}Options

A variety of investment options are available for your Traditional IRA including:

  • First Citizens Bank1
    • FDIC insured CDs
    • FDIC insured money market accounts
  • First Citizens Investor Services2
    • Mutual funds
    • Stocks
    • Bonds
    • Annuities
    • Exchange Traded Funds (ETFs)
  • First Citizens Wealth Management2
    • Customized Asset Management Solution

A First Citizens Client Advisor will be happy to discuss options to create an investment strategy that will help you align your retirement savings goals.

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Questions?

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1.888.FC DIRECT (1.888.323.4732)

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