Traditional IRAs are designed to provide you money for your future. Your tax deductible contribution grows tax free & withdrawals are taxed as ordinary income.
Married couples filing jointly with a combined income of $65,000 in 2005 and $70,000 in 2006 or single filers with income of $45,000 in 2005 and $50,000 in 2006.
Married Couples filing jointly, may be able to contribute up to $8,000 in 2005 and $8,000 in 2006 per year. Single's can contribute $4,000 in 2005 and $4,000 in 2006 per year. A person that is 50 years old or older can do a catch-up contribution of $1,000 in 2006 and $500.00 in 2005.
In accordance with the Taxpayer Relief Act of 1997, IRA withdrawals will be allowed penalty free for:
Spouses who are not active participants will now be eligible for IRA deductions. Each spouse will determine their deduction independently of each other.
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