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Who May Establish
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Age Limit: 70½
Income Limit: none |
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Establishment Deadline
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April 15 |
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Contribution Deadline
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April 15 |
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Annual Contribution Limit
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$5,500 for each working individual ($11,000 in total for a working and non-working spouse). Additional $1,000 is allowed if individual is age 50 or older. Tax deduction depends on income level and participation in an employer's retirement plan. (See Guide to Traditional IRA Deductions).
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Contribution Requirements
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Contributions are discretionary each year.
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Withdrawals¹
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Allowed anytime, subject to income tax. A 10% penalty may apply before age 59½.
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Loan Feature
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Not available.
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