The following information may be provided by PNC Wealth Management affiliates, including PNC Bank®, PNC Private Bank® or PNC Institutional Asset Management®:
Traditional IRA
Offered by PNC Wealth Management
For anyone who earns taxable compensation, a Traditional IRA may be the appropriate choice.
Key Features
Contributions to a Traditional IRA have the potential to grow tax-deferred until the money is withdrawn.
- Overview
- 2 Ways to Manage Your Traditional IRA
- Contributions & Withdrawals
PNC Wealth Management offers two convenient ways to manage your IRA, giving you the comfort and control that's appropriate for you.
Contributions
Contribution Limits
| 2025 – Under 50 | |
| Filing Single | $7,000 |
| Filing Joint | $14,000 |
Contribution Limits
| 2025 – Over 50 | |
| Filing Single | $8,000 |
| FIling Joint | $16,000 |
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: 2025
| MAGI | Deduction |
|---|---|
| Less than $79,000 | Full |
| $79,000 - $89,000 | Partial |
| Greater than $89,000 | None |
Married, Filing Jointly: 2025
| MAGI | Deduction |
|---|---|
| Less than $126,000 | Full |
| $126,000 – $146,000 | Partial |
| Greater than $146,000 | None |
If you're covered, but your spouse is not: 2025
| MAGI | Deduction |
|---|---|
| Less than $236,000 | Full |
| $236,000 - $246,000 | Partial |
| Greater than $246,000 | None |
Married, Filing Separately
(and lived with spouse any time during year): 2025
| MAGI | Deduction |
|---|---|
| $0 | Full |
| $0 - $10,000 | Partial |
| Over $10,000 | None |
If you are NOT covered by an employer-sponsored plan:
Filing Single: 2025
| MAGI | Deduction |
|---|---|
| All $ amounts | Full |
Filing Joint: 2025
| MAGI | Deduction |
|---|---|
| All $ amounts | Full |
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from a Traditional IRA before reaching age 59½, you will have to pay both income tax and a 10% penalty on any amount withdrawn.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. Beginning in 2023, RMDs were 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.
