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The definitions contained herein are for general information only and are not designed for use in connection with the interpretation of any insurance policy or annuity policy issued through Insurance Answer Center.
Life Insurance Glossary Terms  4 A B C D E F G H I J K L M N O P Q R S T U V W Y

Traditional IRA

A Traditional IRA allows you to deduct your IRA contributions from your income taxes. You can deduct 100% of your contributions if: + you are not covered by an employer-sponsored retirement or pension plan (no matter what your income), + you are covered and are single with an income less than $30,000, or filing a joint return with an income less than $50,000, Between $30,000 and $40,000 for filing singly, and $50,000 and $60,000 for filing jointly, only a percentage of your IRA contribution will be tax-deductible. After $40,000 single, $60,000 joint, none of your contribution is tax deductible. With a Traditional IRA, you will be taxed on the money you withdraw. Distributions prior to age 59 + will usually result in a 10% tax penalty.

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