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Individual Retirement Account (IRAs) - Traditional

  • Often, contributions are 100% deductible.
  • Earnings grow tax-deferred.

Distributions are generally taxable, but penalty-free if withdrawn under one of the following circumstances:

    • attaining age 59 1⁄2,
    • incurring a disability,
    • payment for certain health insurance, medical expenses, and higher education expenses,
    • payment for a first home purchase,
    • taking equal, periodic payments,
    • death (payments to beneficiaries), or
    • IRS tax levy.
  • Distributions are required to be taken by Traditional IRA holders beginning at age 70 1⁄2.

Return to IRAs.

 

Business Hours:

Rushford lobby:
Monday-Thursday
9:00 a.m. to 3:00 p.m.
Friday
9:00 a.m. to 5:00 p.m.
Saturday
9:00 a.m. to Noon

Rushford drive-up:
Monday - Thursday
7:30 a.m. to 4:30 p.m.
Friday
7:30 a.m. to 5:30 p.m.
Saturday
9:00 a.m. to Noon

Houston Office:
Monday-Friday
8:15 a.m. to 4:30 p.m.

 
 

 

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