Traditional IRA

The deadline for adding to your IRA is April 18th. 

• Traditional IRAs are a type of retirement plan that allows for a tax deduction on contributions made.
• For 2022, the contribution limit is $6,000, and those over 50 years old can make a $1,000 catch-up contribution, bringing the limit to $7,000.
• Contributions to a traditional IRA can result in tax savings in the current year.
• Traditional IRAs allow for nondeductible contributions in some cases.
• When money is withdrawn from a traditional IRA in retirement, it is taxed at the individual’s current tax rate.
• It is important to consult with a financial advisor and CPA when setting up and contributing to a traditional IRA.