If you meet certain income qualifications, you can use a Roth IRA to invest toward your retirement with tax-free earnings, with potential tax-free withdrawals in retirement.
Features & Benefits
- After-tax contributions can grow tax-free for retirement
- Tax-free withdrawals for retirement, provided certain conditions are met
- No annual lifetime Required Minimum Distributions at any time
- Distributions of earnings become federally tax-free after five years and the owner is age 59½
- Distributions may be passed on to beneficiaries tax-free
Who Can Contribute?
- Anyone, at any age with earned income or whose spouse has earned income
- 2013 Maximum income: $127,000 (filing single) or $188,000 (filing joint)
- 2014 Maximum income: $129,000 (filing single) or $191,000 (filing joint)
Minimum to Open
Vary based on the way you choose to manage your IRA
- Custodial Services
- IRS Form 1099-R tax reporting
- Quarterly Statements
Ways to Manage Your IRA
PNC Investments offers two convenient ways to manage your IRA, giving you the comfort and control that's right for you.
PNC Brokerage Plus IRA
You prefer to manage some or all of your investments online with access to guidance from a PNC Investments professional when you need it.
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Apply online in as little as 15 minutes
|Filing Single - Under 50||$5,500||$5,500|
|Filing Joint - Under 50||$11,000||$11,000|
|Filing Single - Over 50||$6,500||$6,500|
|Filing Joint - Over 50||$13,000||$13,000|
Contributions for a previous year can be made until the deadline for filing taxes for that year (without extensions). Contributions for 2013 must be made by April 15, 2014.
Contributions for 2014 must be made by April 15, 2015.
The following chart shows the income limits for Roth IRA contributions. These limits are based on your Modified Adjusted Gross Income (MAGI). Consult your tax advisor to determine your specific limits.
|Married, Filing Jointly:|
|Married, Filing Separately (and lived with spouse any time during year):|
If you participate in an employer-sponsored plan, you can make contributions to a Roth IRA per the contribution limits outlined above. Consult your tax advisor to determine your specific limits.
Contributions to a Roth IRA may be withdrawn penalty-free at any age. Earnings are subject to a 10% penalty if withdrawn prior to age 59½. After age 59½, earnings can be withdrawn tax-free provided the account has been open for 5 years.
* Additional fees and charges may apply. Please see fee schedule for complete details.
This material is meant to educate and not to provide legal, tax, accounting or investment advice. PNC and its vendors do not provide legal, tax or accounting advice. You should seek the advice of an investment professional to tailor a plan to your particular needs.
Important Investor Information: Brokerage and insurance products are:
Securities and brokerage services are provided by PNC Investments LLC, a registered broker-dealer and investment adviser and member FINRA, and SIPC. Annuities and other insurance products are offered by PNC Insurance Services LLC, a licensed insurance agency.
Bank deposit products and services provided by PNC Bank, National Association. Member FDIC.
PNC Investments LLC, PNC Insurance Services, LLC and PNC Bank, National Association are each affiliated with The PNC Financial Services Group, Inc.