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

Minimum Distribution Age

59½

Age 59½ Rule

Withdrawals before age 59½ are subject to a 10% tax plus any tax associated with your gross income.

Required Minimum Distribution Age

April 1st following the year you reach 70½

Withdrawal not required until after the death of the owner.

Required Minimum Distribution Amount

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.