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A traditional IRA is a retirement plan that allows tax-deductible contributions to workers under the age of 70½.
Who can contribute?Anyone with an earned income and under the age of 70½ can contribute. For married couples filed jointly, a nonworking spouse can also contribute.
Are there contribution limits?For 2013, workers under the age of 50 can contribute up to $5500 of their earned income. For workers 50 or older, the maximum contribution is $6500.
Is there a contribution deadline?Contributions to your traditional IRA account must by made by April 15th in order to qualify for a prior year contribution.
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Disclosure: If converting a Traditional IRA to a Roth IRA, you will owe ordinary income taxes on any previously deducted Traditional IRA contributions and on all earnings. A conversion may place you in a higher tax bracket than you are now. Because Roth IRA conversions may not be appropriate for all investors and individual situations vary, we suggest you discuss tax issues with a qualified tax advisor.