The National Directory of Certified Public Accountants

Ask A CPA - IRAs - Traditional

IRA - Basic Characteristics

The annual $5,500 ($6,500 if age 50 or older) per spouse annual contribution is deductible on your tax return. Distributions at age 70 and a half are required. Contributions past age 70 and a half are not allowed. Premature distributions are subject to penalty. Distributions are taxable in your current tax return. IRA minimum distribution rules do apply.

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