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Tax-free for Later
Earnings remain invested tax-free for retirement, and distributions are tax-free after 5 years and age 59½
Roth IRA
Offered by PNC Investments
If you’ve earned income below a certain threshold – $153,000 (filing single) or $228,000 (filing joint) for 2023 – a Roth IRA may be appropriate for you. Your contributions and any accumulated earnings can be withdrawn tax-free at retirement.
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Find a PNC Location near you and stop by to see us.
Key Features
Flexibility with Withdrawals
Contributions can be withdrawn at any time without penalty, and there are no lifetime RMDs
Plan for Growing Income Potential
May be more appropriate for those taxed at a lower rate now versus in retirement
Overview
Features & Benefits
- Though contributions are made after-tax, earnings remain invested tax-free for retirement
- Funds can be distributed tax-free in retirement; there is no tax on qualified distributions after age 59½, provided the account has been open for five years
- Contributions can be withdrawn at any time without penalty
- May be more appropriate for those with growing income potential (who may be taxed at a lower rate now versus in retirement)
- Distributions may be passed on to beneficiaries tax-free
- No lifetime RMDs (Required Minimum Distributions)
Eligibility
- Anyone with earned income or whose spouse has earned income (below the stated limit) can contribute to a Roth IRA
- 2023 maximum income: $153,000 (filing single) or $228,000 (filing joint)
2 Ways to Manage Your IRA
PNC Investments offers two convenient ways to manage your IRA, giving you the comfort and control that's appropriate for you.
Option One: Brokerage Plus
For clients who like flexibility when it comes to managing investments – plus the convenience of independent, online trading.
To Apply, Call 1-855-PNC-INVEST
- Access a broad range of equities, ETFs (Exchange-Traded Funds) and mutual funds
- Place zero commission trades online for equities, ETFs and mutual funds
- Work with a team of support professionals via phone, to provide help with transactions or answer questions
- View account information online, including electronic statements
- Learn more about Brokerage Plus
Option Two: Classic Investment Account
For clients who prefer to work with a dedicated PNC Investments professional who can provide objective, personalized guidance.
To Apply, Call 1-855-PNC-INVEST
- PNC Investments will help you customize a plan from our wide product suite
- Access analytical tools and reports, including Morningstar and S&P research
- Access a team of support professionals via phone, to provide help with transactions or answer questions
- View account information online, including electronic statements
- Learn more about Classic Investment Account
Contributions & Withdrawals
Contributions
Contribution Limits
| 2023 - Under 50 | |
| Filing Single | $6,500 |
| Filing Joint | $13,000 |
| 2023 - Over 50 | |
| Filing Single | $7,500 |
| Filing Joint | $15,000 |
Contribution Deadline
Contributions for a previous year can be made until the deadline for filing taxes for that year (without extensions)
Income Limits for Roth IRA Contributions
Your income determines how much you’re able to contribute to a Roth IRA. These limits are based on your Modified Adjusted Gross Income (MAGI). Consult your tax adviser to determine your specific contribution allowances.
Married, Filing Joint
| 2023 | |
| MAGI | Contribution |
| Less than $218,000 | Full |
| $218,000 - $228,000 | Reduced |
| Over $228,000 | None |
Married, Filing Separately (and lived with spouse any time during year)
| 2023 | |
| MAGI | Contribution |
| $0 | Full |
| $0 - $10,000 | Reduced |
| Over $10,000 | None |
Filing Single
| 2023 | |
| MAGI | Contribution |
| Less than $138,000 | Full |
| $138,000 - $153,000 | Reduced |
| Over $153,000 | None |
Withdrawals
Contributions to a Roth IRA may be withdrawn penalty-free at any age. Earnings generally cannot be withdrawn prior to age 59½ without being subject to a 10% penalty. After age 59½, earnings can be withdrawn tax-free, provided the account has been open for five years.
Convert Your Traditional IRA to a Roth IRA
Call 1-855-PNC-INVEST for help in deciding whether a Roth Conversion is appropriate for you.
A Roth Conversion allows you to take money in your Traditional IRA and move it into a Roth IRA. Generally, you’ll owe taxes on the amount of money you convert. However, qualified withdrawals from a Roth IRA can be made tax-free. This may result in significant tax savings in the long run.
Associated Products & Solutions
The following information may be provided by PNC Investments affiliates, including PNC Bank, PNC Private Bank℠ or PNC Institutional Asset Management®:
How PNC Investments Does Business
Learn how PNC Investments does business, including our qualifications, business practices, fee schedules, and options for how you can work with us by reviewing our Client Relationship Summary, Overview of Products and Services and more. View Details »
Important Legal Disclosures & Information
This material is meant to educate and not to provide legal, tax, accounting or investment advice. PNC Investments and its affiliates and vendors do not provide legal, tax or accounting advice.
Important Investor Information: Brokerage and insurance products are:
Not FDIC Insured • Not Bank Guaranteed • Not A Deposit
Not Insured By Any Federal Government Agency • May Lose Value
Securities products and brokerage services as well as managed account advisory services to US based clients are offered by PNC Investments LLC, a registered broker-dealer and a registered investment adviser and Member FINRA and SIPC. Managed account advisory services for non-US based clients are offered by PNC Managed Account Solutions, Inc., a registered investment adviser. Annuities and other insurance products are offered through PNC Insurance Services, LLC, a licensed insurance agency.
PNC Investments, PNC Insurance Services and PNC Managed Account Solutions do not provide legal, tax, or accounting advice.
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View Important Information About Order Routing and Execution.
This document provides information on additional compensation that PNC Investments receives from certain mutual fund companies, 529 plan program managers and insurance companies.
This material does not constitute an offer or solicitation in any jurisdiction where or to any person to whom it would be unauthorized or unlawful to do so.
PNC Investments does not guarantee the performance of any investment. Investing results may vary. Investments may lose money. Diversification and asset allocation may not prevent a loss of investment.
PNC Investments LLC, PNC Insurance Services, LLC and PNC Bank, National Association are each affiliated with The PNC Financial Services Group, Inc.
Bank deposit products and services provided by PNC Bank, National Association. Member FDIC.
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