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For anyone who earns taxable compensation, a Traditional IRA may be the appropriate choice. Contributions to a Traditional IRA have the potential to grow tax-deferred until the money is withdrawn.
Contributions may be tax-deductible
Earnings remain invested tax-deferred, allowing investments to compound
Anyone with earned income can contribute
Compound Growth: Definition
The process in which an asset's earnings are reinvested to generate additional earnings over time
Anyone with earned income or whose spouse has earned income can contribute to a Traditional IRA.
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 to what extent your Traditional IRA contributions are tax-deductible. These limits are based on your Modified Adjusted Gross Income (MAGI). Consult your tax advisor to determine your specific deduction allowances.
|Less than $73,000||Full|
|$73,000 - $83,000||Partial|
|Greater than $83,000||None|
If You're Covered, But Your Spouse is Not
|Less than $218,000||Full|
|$218,000 - $228,000||Partial|
|Greater than $228,000||None|
Married, Filing Jointly
|Less than $116,000||Full|
|$116,000 - $136,000||Partial|
|Greater than $136,000||None|
Married, Filing Separately (and lived with spouse any time during year)
|$0 - $10,000||Partial|
|All $ amounts||Full|
|All $ amounts||Full|
In most cases, if you withdraw funds from a Traditional IRA before reaching age 59½, you will have to pay both income tax and a 10% penalty on any amount withdrawn. There are a few exceptions to this rule, which could waive the penalty. These include using the money to pay for qualified higher education expenses.
Required Minimum Distributions (RMDs) are withdrawals that the federal government requires you to take annually from Traditional IRAs. Beginning in 2023, RMDs are triggered by your attainment of age 73, up from 72 (the RMD age as of 2019). You can always withdraw more than the minimum amount from your IRA in any given year, but if you withdraw less than the required minimum, you will be subject to a federal penalty.
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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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