Traditional IRAs allow you to make tax deductible* contributions to a retirement savings plan where your earnings will remain tax-deferred until you make withdrawals from the account.

• Make tax-deductible contributions up to $3,000 ($3,500 if over the age of 50-1/2)
• All earnings are tax-deferred until you make a withdrawal
• No penalty’s for withdrawals after you reach the age of 59-1/2

Eligibility Requirements:

• To determine whether or not you're eligible for a tax-deduction on your IRA contribution, you need to answer the following question.

Are you an active participant in an employer-maintained retirement plan?

• If not, you are eligible to take the maximum IRA deduction, up to $3,000 (or $3,500 if over age 50-1/2).
• If so, you may be eligible for a deduction, a partial deduction, or no deduction at all, depending on your adjusted gross income and filing status.
   
• Whether your contributions are deductible or non-deductible, all earnings on your Traditional IRA will remain tax-deferred until you make withdrawals from the account. You may withdraw from a Traditional IRA account without a penalty after you reach age 59-1/2. If you do so sooner, there is a ten percent IRS premature distribution penalty. (Exceptions include disability, first-time home purchase, higher-education expenses, etc.) With the Traditional IRA, IRS regulations require you to begin taking minimum distributions when you reach age 70-1/2 to avoid penalties.

*Consult your tax advisor regarding your eligibility, contribution guidelines and other account requirements.