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Traditional IRA
Offered by PNC Investments
If you’ve earned income and are younger than age 70½, 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 Contributions to a Traditional IRA have the potential to grow tax-deferred until the money is withdrawn.
Let's Talk
Fill out this simple form and a PNC investment professional will get in touch with you.
Get Up to $1,500
For a limited time, get a cash bonus when you open a new, qualifying PNC Investments account.
Key Features
Tax Advantages
Contributions may be tax-deductible
Benefits of Compounding
Earnings remain invested tax-deferred, allowing investments to compound
No Maximum Income Limits
Anyone under the age of 70½ with earned income can contribute
Compound Growth: Definition
The process in which an asset's earnings are reinvested to generate additional earnings over time
Overview
Features & Benefits
- Immediate tax advantages; contributions may be tax-deductible
- Earnings remain invested tax-deferred, allowing your retirement investments to compound
- Select from a wide array of investment options
- No maximum income limits for eligibility, no minimum contribution required to open an account
Eligibility
Anyone under the age of 70½ with earned income or whose spouse has earned income can contribute to a Traditional IRA.
2 Ways to Manage Your Traditional 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.
- Access a broad range of equities and ETFs for $4.95 per online trade
- Access thousands of mutual funds, including commission-free NTF 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
| 2019 - Under 50 | |
| Filing Single | $6,000 |
| Filing Joint | $12,000 |
| 2019 - Over 50 | |
| Filing Single | $7,000 |
| Filing Joint | $14,000 |
Contribution Deadline
Contributions for a previous year can be made until the deadline for filing taxes for that year (without extensions).
Income Limits for Traditional IRA Tax Deductions
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.
If you are covered by an employer-sponsored plan:
Filing Single
| 2019 | |
| MAGI | Deduction |
| Less than $64,000 | Full |
| $64,000 - $74,000 | Partial |
| Over $74,000 | None |
If You're Covered, But Your Spouse is Not
| 2019 | |
| MAGI | Deduction |
| Less than $193,000 | Full |
| $193,000 - $203,000 | Partial |
| Over $203,000 | None |
Married, Filing Jointly
| 2019 | |
| MAGI | Deduction |
| Less than $103,000 | Full |
| $103,000 - $123,000 | Partial |
| Over $123,000 | None |
Married, Filing Separately (and lived with spouse any time during year)
| 2019 | |
| MAGI | Deduction |
| $0 | Full |
| $0 - $10,000 | Partial |
| Over $10,000 | None |
If you are NOT covered by an employer-sponsored plan:
Filing Single
| 2019 | |
| MAGI | Deduction |
| All $ amounts | Full |
Filing Joint
| 2019 | |
| MAGI | Deduction |
| All $ amounts | Full |
Withdrawals & RMDs
Withdrawals
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
Required Minimum Distributions (RMDs) are withdrawals that the federal government requires you to take annually from Traditional IRAs after you reach age 70½. 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.
Associated Products & Services
The following information may be provided by PNC Investments affiliates, including PNC Bank, PNC Wealth Management® or PNC Institutional Asset Management®.
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, brokerage services and managed account advisory services are offered by PNC Investments LLC, a registered broker-dealer and a registered investment adviser and member FINRA, and SIPC. Annuities and other insurance products are offered through PNC Insurance Services, LLC, a licensed insurance agency.
View the PNC Investments Business Resiliency Planning Customer Disclosure.
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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