A foundation for financial goals

 

  Traditional IRA Roth IRA
Can distributions be taken early? No IRS penalty for distributions if:
  • You are 59 ½ or older
  • You are a first-time homebuyer
  • You want to pay for qualified education costs
  • Your medical expenses exceed 7.5 % of AGI
  • You pay insurance premiums after 12 straight weeks of unemployment
  • You receive substantially equal payments
 No IRS penalty for distributions after 5 years if:
  • You are 59 ½ or older
  • You are a first-time homebuyer
  • You want to pay for qualified education costs
  • Your medical expenses exceed 7.5 % of AGI
  • You pay insurance premiums after 12 straight weeks of unemployment
  • You receive substantially equal payments
Who can contribute?
  • Taxpayers under age 70 ½ with earned income
  • Non-working spouses
  • Taxpayers with earned income within IRS limits regardless of age
  • Non-working spouses

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