The special tax benefits offered by various IRAs make them an attractive investment for retirement and educational funds.
- Automatic payroll deductions into your IRA available for your convenience
- Rollover into IRA CDs when account balance is $1,000 or higher (IRA CDs earn at the current CD rate)
Check our IRA rate and CD rates online
Traditional and Roth IRS Aggregate Annual Contribution Limits
How much can I contribute to a Roth or Traditional IRA?
Assuming eligibility, you can contribute up to $5,500 per year or 100% of your earned income, whichever is less. Married couples can contribute up to a total of $11,000 per year, but no more than $5,500 per spouse. You can contribute the maximum to a traditional IRA, Roth IRA or split between the two types.
How does the “catch-up” contribution plan work if I am age 50 or older?
A special exception applies if you are age 50 or older that allows you to contribute an additional $1,000 to an IRA.
More information about Traditional and Roth IRAs is available at the IRS website below:
This information is not intended as tax advice. Please consult a tax professional regarding your specific circumstances. For more information about TelComm IRA products, call 417.886.5355.
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