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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 Your contributions and any accumulated earnings can be withdrawn tax-free at retirement.
Earnings remain invested tax-free for retirement, and distributions are tax-free after 5 years and age 59½
Contributions can be withdrawn at any time without penalty, and there are no lifetime RMDs
May be more appropriate for those taxed at a lower rate now versus in retirement
PNC Investments offers two convenient ways to manage your IRA, giving you the comfort and control that's appropriate for you.
For clients who like flexibility when it comes to managing investments – plus the convenience of independent, online trading.
For clients who prefer to work with a dedicated PNC Investments professional who can provide objective, personalized guidance.
|2023 - Under 50|
|2023 - Over 50|
Contributions for a previous year can be made until the deadline for filing taxes for that year (without extensions)
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
|Less than $218,000||Full|
|$218,000 - $228,000||Reduced|
Married, Filing Separately (and lived with spouse any time during year)
|$0 - $10,000||Reduced|
|Less than $138,000||Full|
|$138,000 - $153,000||Reduced|
Contributions to a Roth IRA may be withdrawn penalty-free at any age. Earnings generally cannot be withdrawn prior to age 59½ without being subject to a 10% penalty. After age 59½, earnings can be withdrawn tax-free, provided the account has been open for five years.
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.
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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 (CA License #0B57695).
PNC Investments, PNC Insurance Services and PNC Managed Account Solutions do not provide legal, tax, or accounting advice.
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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