FME CarFax Vehicle History Reports

Traditional IRA

Anyone under the age of 701/2 who receives income compensation, or is filing jointly with a spouse who receives compensation, can open and contribute to a Traditional IRA.  Earnings grow tax-diferred until withdrawn, and contributions may be tax-deductible.       

 

Traditional IRA
Who can contribute? - Anyone under age 701/2 who has income from compensation (or who is filing jointly with a spouse who earns compensation)
- Anyone who has received a distribution from a qualified retirement plan and decides to move the proceeds of the plan into an IRA.
How much can I contribute? - You may be able to contribute up to $5,000
- For owners age 50 and older, you may be able to contribute up to $6,000
- Cannot exceed compensation
- Reduces contributions that can be made to Roth IRAs
Who can make deductible contributions? Fully-deductible contributions:
- Single individuals not active in employer retirement plans (regardless of income)
- Single individuals active in employer retirement plans with MAGI* below defined limits.
- Married couples with neither spouse active in an employer retirement plan (regardless of income)
- Married individuals active in employer retirement plans with joint tax returns showing MAGI* that is below defined limits.
- Married individuals not active in employer retirement plans with spouses who are, as long as MAGI* is below defined limit.

Individuals with incomes exceeding the above limits may be able to deduct an amount that is less than the maximum amount that can be contributed
What are the tax advantages? - Earnings grow tax-deffered until withdrawn
- Contributions may be tax-deductible
When can I withdraw without restrictions? Withdraw penalty-free for any of the following reasons:
- Qualified higher-education expenses
- First-time home purchase**
- Age 591/2
- Disability
- Qualifying medical expenses exceeding 7.5% of adjusted gross income
- Payment to beneficiaries upon the owner's death
- Payment of health insurance premiums while unemployed for 12 weeks or longer

NMLS# 808257

info@fme.org info@fme.org Live Chat Privacy Statement Disclosures Site Map Find an ATM Shared Branch Locator Loan Rates Saving Rates

If you are logging in to Online Banking for the first time, please be aware that your FME Account Number should be entered as 7-digits long, without dashes, and with the last digit being a 0. This is the same Account Number that appears on your periodic statement. The initial User Password is the last 4 digits of the primary accountholder's Social Security Number.

Close This