What is an IRA?
An individual retirement account (IRA) is a trust or custodial account set up in the United States for the exclusive benefit of you or your beneficiaries. The account is created by a written document....
View ArticleWhat requirements must be met?
The trustee or custodian must be a bank, a federally insured credit union, trust company, a savings and loan association, or an entity approved by the IRS to act as trustee or custodian. The trustee...
View ArticleHow do I set-up an IRA?
An individual may establish an IRA with a bank, savings, and loan association, credit union, trust company, such as IRA Financial Trust Company, a brokerage firm, or other organization that can...
View ArticleWho tends to set-up IRAs?
IRA owners tend to be savers. According to an ICI Research Perspective publication from November 2013, the median financial assets of IRA-owning households were eight times greater than the median...
View ArticleHow many IRAs can I have?
An IRA holder may have an unlimited number of IRAs with one or more financial organizations. For example, you can set-up an IRA with Bank X in Year 1 and make a contributions and then set-up another...
View ArticleCan I have an IRA if I also contribute to another retirement account?
If both you and your spouse have compensation and are under age 70½, each of you can set up an IRA. You can have a traditional IRA whether or not you are covered by any other retirement plan. However,...
View ArticleWhat is a Traditional IRA?
A Traditional IRA primarily is a tax-deferred retirement savings vehicle. Tax is generally deferred on Traditional IRA contributions and earnings until the year the IRA owner takes a distribution. A...
View ArticleWho can set-up a Traditional IRA?
You can set up and make contributions to a traditional IRA if: You (or, if you file a joint return, your spouse) received taxable compensation during the year, and You were not age 70½ by the end of...
View ArticleWhat happens if I make more than the maximum IRA contribution limit?
If contributions to your IRA for a year were more than the maximum IRA contribution limit, for that year, you can generally apply the excess contribution in one year to a later year if the...
View ArticleCan I make less than the maximum allowed IRA contribution limit?
You are not required to make maximum contributions to your IRA each year. In fact you are not required to make any contributions to your IRA in any year. However, if contributions to your traditional...
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