IRA Bank Of America

I want to get the details of Individual retirement accounts (IRAs) account of Bank Of America so can you provide me?

Individual retirement accounts (IRAs) are accounts specifically set up to use during retirement by offering significant tax advantages.

Individual retirement accounts (IRAs)

Why invest in an IRA?

In retirement you may need as much as 100% of your current after-tax income (take-home pay) minus any amount you are saving for retirement each year.

This makes it all the more important to start saving sooner rather than later, and an IRA can help you get started.

Roth IRA-

Any earnings are federal income tax free if withdrawn at or after age 59 ½ and the account has been open five years or more

Contributions (not earnings) can be withdrawn tax free at any timeFootnote1

Eligibility-

Any age, as long as your modified adjusted gross income (MAGI) does not equal or exceed:

2016

Single Tax Filers:$132,000

Joint Tax Filers:$194,000

Keep in mind that your Roth contribution limit phases out if your earned income is between $117,000-$132,000 for singles filers and $184,000-$194,000 for joint filers.

You may convert a traditional IRA to a Roth IRA regardless of your MAGI level.

MAGI-based restrictions only apply to how much you can contribute to a Roth IRA.

Contributions are not tax-deductible

Traditional IRA-

Any earnings grow federal income tax deferred until withdrawn at or after 59 ½, at which time they are taxed at your current federal income tax rate

Contributions and earnings can be withdrawn free of the 10% additional federal income tax at or after age 59 ½

Contributions may be tax deductible

Eligibility-

Anyone under the age of 70 ½ who has earned income equal to or greater than their IRA contribution amount.

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