Traditional IRA Annual Contribution Limits and Catch Up Contributions
|2022 Traditional IRA Contribution Limits|
50 and Over
- You are eligible to deduct your contribution now and you anticipate your tax rate at retirement to be lower than your current tax rate.
- You need a tax deduction, lowering your current tax bill. (Some investors still contribute to an IRA account even without the tax deduction).
- You are looking for a larger choice of investment options for your funds.
If you are eligible to contribute to an IRA, the amount you can deduct from your taxes will depend on whether you (or, in some cases, your spouse) are an active participant in a retirement plan at work.
If you have earned income and want to save for retirement on a tax-deferred basis, you may contribute to a self-directed Traditional IRA.
The most common technique to funding a self-directed Traditional IRA is by making a contribution to your account. You may also roll over or transfer funds from an existing employer plan, such as a 401(k), TSA, 403(b), 457(b) defined contribution plan, or other pension plan or Traditional IRA. If your current Traditional IRA does not allow self-direction, you may also transfer those funds to a Mountain West self-directed Traditional IRA so that you may choose your investments.
A Traditional IRA is the oldest and most common type of retirement plan. A self-directed Traditional IRA allows you to select the investments that you choose within your retirement plan.
SELF-DIRECTED IRA EDUCATION
Click here to download → 2022 Contribution Limits
Click here to download → 2021Contribution Limits
If you’re looking for self-directed IRA companies, look no further than Mountain West IRA. We take great pride in helping our clients create the IRA retirement plan that will provide you with the solid financial foundation you need to ensure you can live comfortably in your retirement years. Mountain West IRA is a nationally trusted self-directed IRA administrator. We accept a vast array of alternative investment options so you can create a diverse alternative asset portfolio that yields the results you are looking for to fund your retirement years, while being in control of your retirement.
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Click here to download → Process Diagram