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Return to IRAs
Who Can Contribute: Anyone under age 70½ who has income from compensation (or who is filing jointly with a spouse who earns compensation).
Contribution Limits:
- $5,000 for 2009 and 2010
- For members 50 or older - $1,000 catch-up contribution
- Cannot exceed compensation
- Reduced by contributions to Roth IRAs
Tax-Deductible Contributions: Individual or family circumstances determine the level of tax-deductible contributions you can make. A tax professional should be contacted about your individual situation.
Traditional IRA Tax Advantages: Earnings grow tax-deferred until withdrawn and contributions to this account may be tax-deductible. Again, a tax professional should be contacted for advice about tax deductibility.
Withdraw Funds Without Restrictions/Penalties Under the Following Conditions:
- Qualified higher-education expenses
- First-time home purchase (lifetime limit for exemption on first-time home purchase is $10,000)
- Reach age 59½
- Qualifying medical expenses exceeding 7.5% of adjusted gross income
- Payment to beneficiaries upon the owner’s death
- Payment of health insurance premiums while unemployed for 12 weeks or longer
Application
Print the form, fill it out, and send it to the Retirement Center address (bottom of the page, under Contact the Retirement Center).
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