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$50 ESTABLISHMENT FEE
A Traditional Individual Retirement Account (IRA) is one of the most common types of retirement savings accounts; and a great way to increase the amount you are saving for retirement.
Income within the account grows tax-deferred. Only when the funds are withdrawn from the account as a distribution will there be a potential tax liability.
Better yet, contributions made into the account each year may provide a tax-deduction equivalent to the same amount contributed (subject to government guidelines and income limitations). At the time of retirement, most individuals find themselves in a much lower tax bracket than they were while they were employed. This means that they pay a lower tax rate on those funds than they would have during the years they were placed in the account.
One of the most notable benefits to a Traditional IRA is the fact that funds are tax-deferred while in the account. That means that any gains are also tax-deferred until withdrawn from the account.
Contributions to a Traditional IRA can be tax deductible, provided you meet certain requirements.
Another important factor when considering Traditional IRAs is the Required Minimum Distribution requirement when you turn age 70 1/2.
Keep in mind that distributions from your IRA can be subject to withholding penalties (including an additional 10% for withdrawals prior to age 59 1/2).
There is a “catch-up” period of which you may contribute $1,000 more to your account. This is only permittable if the account owner is from 50 to 70.5 years old.
FIRST TIME HOME BUYER
Up to $10,000 can be withdrawn from a Traditional IRA penalty-free, if the money is used to acquire a principal residence for a first-time home buyer. The owner of the home must be the Traditional IRA’s owner, their spouse, or their lineal ancestors and descendants. The individual cannot have owned a home in the previous 24 months.
NOTE: Please visit www.irs.gov for a complete breakdown of the rules and regulations concerning Traditional IRAs. Certain restrictions apply regarding prohibited transactions.
|For Tax Year 2017|
|Up to Age 50||$5,500||$5,500|
(Over Age 50)
|Total Contribution Amount
(If Over Age 50)
TRADITIONAL IRA MAGI LIMITS
|For Tax Year 2017|
|Single Active Participant||$61,000 – $71,000||$62,000 – $72,000|
|Married Active Participant
|$98,000 – $118,000||$99,000 – $119,000|
|Married Active Participant
|$0 – $10,000||$0 – $10,000|
|Spouse of Active Participant||$184,000 – $194,000||$186,000 – $196,000|
We do not offer investment, tax, financial or legal advice to clients. Individuals who believe they need advice should consult with qualified professional(s) licensed in that area. This section of our website is devoted to providing clients and potential clients with educational information. It is in no way intended as tax advice.
Frequently Asked Questions
Here are a few of the most frequently asked questions asked when opening a self-directed account.
How do your fees differ from other custodians who handle traditional & alternative assets?
Provident Trust Group offers a flat-rate annual fee. This differs from many other alternative asset custodians who may increase your annual fee based on an increase in the number of assets you select, value of your assets, or even the purchase of a different asset class.
Most custodians of traditional assets collect fees and/or commissions based off of the amount of trades or recommendations of investment choices. For our full fee schedule, click here.
Can Provident Trust Group provide tax or legal advice regarding your investment?
No. If you should need tax or legal advice regarding your investment, you may engage a specialized tax law firm to provide the needed advice. Attorney-client privilege would then exist between you and the firm of your choice.
What types of investments are prohibited with retirement accounts?
The IRS does not state which investments are permissible in a qualified account or retirement plan, but they do state specific asset classes that are prohibited. The IRS currently prohibits IRAs to invest into Life Insurance, Collectibles and S-Corps. Some examples of collectibles include:
- Metals – with exceptions for certain kinds of bullion,
- Coins – (but there are exceptions for certain coins),
- Alcoholic beverages, and
- Certain other tangible personal property.
For more information, click here for the IRS Website.
Can my account invest with other partners, including myself?
Yes, your IRA can invest with other partners and yourself individually. However, it is important to consult legal counsel in these situations to observe formalities and rules that may be associated with that investment.
Not Sure What Plan Is Right For You?
Take a minute or two and compare similar plans that may be the right fit for your needs.
The Provident Advantage
Our approach focuses on delivering clear and concise information so you can make well-informed decisions regarding your investments. Our clients rely on our abilities to ensure every administrative and reporting detail is covered and completed on time.
IRS Required Reporting
IRA & Qualified Plan Administration
Alternative Asset Custody
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OPEN AN ACCOUNT
Our completely electronic application process will have you set up in minutes.
FUND YOUR ACCOUNT
Transfer or Rollover old or non-performing retirement assets.
Enjoy investment freedom with a truly self-directed retirement account.
Our simple online process makes setup a breeze so you can focus on what matters most – your retirement.
Our 100% web-based process provides easier form completion and clearer view of holdings and transactions that will assist customers in opening new accounts securely and quickly without any physical paperwork. Customers can also complete fund transfers from other custodians, electronically initiate investments, as well as manage multiple accounts with a click of a button.