| Here are the basic facts in question form for traditional IRAs: Who can contribute? Contributions can be made to a Traditional IRA if you are under 70 ? in the year for which the contribution is being made. How much can I contribute?
Traditional IRA contributions are limited to the lesser of 100% of earned income or $2000 per individual per year. This maximum amount applies to the total of both Traditional and Roth IRA contributions for the year. Can I make a contribution for my non-working spouse?
If your spouse does not have earned income, he/she may still establish an IRA account. The IRA is funded with spousal contributions made by the working spouse. The working spouse's earned income must meet or exceed the total of both contributions - each account having a $2000 maximum. Is the contribution deductible?
Your contributions may be tax deductible, depending on your Modified Adjusted Gross Income and participation in an employer-sponsored retirement plan. Consult your tax advisor to determine the deductibility of your Traditional IRA contribution. What is the deadline for my annual contribution?
The deadline for making an annual contribution to a Traditional IRA is the tax return due date (excluding extensions). Can IRA assets be moved?
Yes, under certain circumstances IRA accounts can be moved from one financial institution to another. Options for moving your IRA Account:
1.Withdrawing funds as a distribution at one institution and redepositing them at another institution as a 60-day rollover.
2. Transferring the account directly from one institution to another.
You may want to consult your tax advisor before rolling over or transferring your IRA account. Certain tax implications could be involved if done incorrectly. When am I required to take a distribution from my IRA?
Beginning in the year that the IRA holder turns age 70 ?, distributions from the Traditional IRA must begin. At this time, the account holder has the option of either calculating the minimum distribution amount on his own (or through a tax advisor) OR Ameritrade will calculate it for a $15 fee. IRA holders that fail to take their required distribution, or take only a portion of the required amount, may be subject to substantial penalty. Consult your tax advisor for assistance in determining the amount of your required distribution. Can commissions be paid outside of the regular contribution?
No commission fees may be paid outside of the IRA account, nor will commission fees be received into the IRA in excess of the maximum annual contribution. If you have questions and want to learn more about IRAs other than traditional ones,
click here to go to the FAQ page.
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