A short and sweet video about the traditional IRA rules and limits for 2017.

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2017 Traditional IRA Rules and Guidelines

A traditional Individual retirement account (IRA) is a retirement savings account that provides tax advantages to individuals who make regular contributions. The 2017 traditional IRA rules and guidelines allow individuals to contribute up to $5,500 per year, or $6,500 if they are age 50 or older. The maximum allowable contribution is based on earned income and the amount of money you can contribute may be reduced or eliminated if you are covered by an employer-sponsored retirement plan.

The 2017 traditional IRA rules and guidelines also allow for tax deductions on contributions. For example, if you are not covered by an employer-sponsored retirement plan, you may be able to deduct your entire contribution from your taxable income. However, if you are covered by an employer-sponsored retirement plan, the amount of the deduction may be reduced or eliminated based on your income.

In addition, the 2017 traditional IRA rules and guidelines allow for penalty-free withdrawals for certain qualified expenses. These include medical expenses, educational expenses, and first-time homebuyer expenses. However, you may be subject to a 10% penalty if you withdraw funds prior to age 59 ½.

Finally, the 2017 traditional IRA rules and guidelines do not allow for contribution rollovers from other retirement accounts. If you wish to move money from one retirement account to another, you must do a direct transfer.

The 2017 traditional IRA rules and guidelines provide individuals with a great opportunity to save for retirement. With the potential for tax deductions and penalty-free withdrawals, the traditional IRA is an attractive option for those looking to save for their retirement.