Traditional IRAs and Roth IRAs are designed to help us save for our retirement, but both have specific rules. Below is a table of the most commonly asked questions customers have about their IRAs. That said, IRS Rules regularly change so you might want to check out the IRS Retirement FAQ site by clicking here.
Traditional IRA | Roth IRA | |
2021 Contributions | $6,000 ($7,000 if you’re age 50 or older), cannot be made after the age of 70½ | |
59½ | ||
Withdrawals before age 59½ are subject to a 10% tax plus any tax associated with your gross income. | ||
April 1st following the year you reach 70½ | Withdrawal not required until after the death of the owner. | |
Varies by age | ||
Source: IRS
Any distributions (withdrawals) from an IRA account will appear on Form 1099-R. To view a calendar of when your tax forms will become available, then please visit our Tax Center by clicking here.