Traditional IRA

A traditional IRA is a way to save for retirement that gives you tax advantages.

  • Contributions you make to a traditional IRA may be fully or partially deductible, depending on your filing status and income, and
  • Generally, amounts in your traditional IRA (including earnings and gains) are not taxed until you take a distribution (withdrawal) from your IRA.

Publication 590-A and Publication 590-B explain the details of IRAs including:

  • Setting up an IRA
  • Contributing to an IRA
  • Transferring money or property to and from an IRA
  • Handling an inherited IRA
  • Receiving distributions (making withdrawals) from an IRA
  • Taking a credit for contributions to an IRA
  • A comparison of traditional and Roth IRAs
  • tax deductible
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