Traditional IRA

An individual retirement account that allows individuals to direct pretax income, up to specific limits, toward investments that can grow tax-deferred (no capital gains or dividend income is taxed). Individual taxpayers are allowed to contribute 100% of their compensation up to a specified dollar amount. Contributions may be tax-deductible depending of the taxpayer's income, tax filing status and other factors.

2017 Total Contribution Limit

     Traditional and Roth IRAs cannot be more than:
  • $5,000 ($6,500 if you’re age 50 or older), or
  • your taxable compensation for the year, if your compensation was less than this dollar limit.

     The IRA contribution limit does not apply to:
  • Rollover contributions
  • Qualified reservist repayments



For more information go to:

                     Traditional IRAs
                     IRA Deduction Limits


                    
What is a Traditional IRA?
WM Durham Associates LLC nor any of its employees provide legal, tax or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions. This material should be regarded as general information.​​