Traditional IRA

Anyone under the age of 70½ with earned income or whose spouse has earned income can contribute to a Traditional IRA.

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

Contribution Limits

Contribution Deadline

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.

If you are covered by an employer-sponsored plan:

If you are NOT covered by an employer-sponsored plan:

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from a Traditional IRA before reaching age 59½, you will have to pay both income tax and a 10% penalty on any amount withdrawn.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.