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Annual Contribution
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Single - lesser of 100% of earned income or $6,000.00.
Married - $12,000.00 ($6,000.00 for each spouse).
Contributions may be tax-deductible if certain eligibility requirements are met.
IRA Catch-up contributions will be allowed for individuals who are age 50 or over before the end of each tax year. For the tax year 2022, the catch up amount is $1,000.00.
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Single - lesser of 100% of earned income or $6,000.00.
Married - $12,000.00 ($6,000.00 for each spouse).
Contributions may be tax-deductible if certain eligibility requirements are met.
IRA Catch-up contributions will be allowed for individuals who are age 50 or over before the end of each tax year. For the tax year 2022, the catch up amount is $1,000.00.
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Withdrawals
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May be taxed as ordinary income.
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Tax-free and IRS penalty-free; some restrictions apply.
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Contribution Age Limit
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No age limit.
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No age limit.
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Minimum distribution requirements
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Begin the year the IRA Owner reaches age 72.
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No required distributions prior to death.
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Rollovers
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May convert to a Roth IRA; some restrictions apply.
May roll over distributions from qualified retirement plans; some restrictions apply. May roll over to another traditional IRA; some restrictions apply.
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May roll over to another Roth IRA; some restrictions apply-
May roll over distributions from qualified retirement plans; some restrictions apply.
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IRS penalty free withdrawals
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Yes, penalty exceptions apply, including first-time home purchase and higher education.
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Yes, penalty exceptions apply, including first-time home purchase and higher education.
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Additional Highlights
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Tax deduction based on income levels if covered by employer's retirement plan (or if spouse of plan participant).
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Participation is based on income levels.
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