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IRA Basics
What is an IRA?
Individual retirement accounts (IRAs) are accounts specifically set up to use during retirement by offering significant tax advantages. And the sooner you start, the longer your money has to grow.
Why invest in an IRA?
In retirement you may need as much as 100% of your current after-tax income (take-home pay) minus any amount you are saving for retirement each year. This makes it all the more important to start saving sooner rather than later, and an IRA can help you get started.
What’s the difference between
Roth and Traditional IRA?
The 2 most common types of IRAs are Traditional and Roth. Which one you choose (or qualify for) depends on your age, income, and financial goals. Savings IRAs from Bank of America and Investment IRAs from Merrill Edge® are available in both Traditional and Roth.
Find the IRA that's right for you: Traditional vs. Roth
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Roth IRA
Traditional IRA
Unique Benefits
- Any earnings are federal income tax free if withdrawn at or after age 59 ½ and the account has been open five years or more
- Contributions (not earnings) can be withdrawn tax free at any timeadatext
- Contributions are not tax-deductible
- Any earnings grow federal income tax deferred until withdrawn at or after 59 ½, at which time they are taxed at your current federal income tax rate
- Contributions and earnings can be withdrawn free of the 10% additional federal income tax at or after age 59 ½
- Contributions may be tax deductible
Who is eligible?
Single tax filers earning less than $161,000 MAGI ($153,000 for 2023)adatext
Joint tax filers earning less than $240,000 MAGI ($228,000 for 2023)adatext
Anyone who has earned income equal to or greater than their IRA contribution is eligible
Contributions may be tax deductible for single tax filers earning less than $87,000 MAGI ($83,000 for 2023)adatext
Contributions may be tax deductible for joint tax filers earning less than $143,000 MAGI ($136,000 for 2023)adatext
Withdrawals
No Required Minimum Distribution (RMD) ever.
A Required Minimum Distribution (RMD) must be taken each year after you turn 73. You must take your first RMD by April 1 of the year after you reach age 73.
Retirement solutions for your future
Savings IRAs
Looking to lock in a guaranteed return for the term of your IRA CD? IRAs from Bank of America are FDIC insured adatext and offer interest-bearing CD or money market savings account choices.
Learn more about Bank of America IRAs
Investment IRAs
Looking for a full range of investment choices? Open an IRA from Merrill Edge® and choose from a wide variety of stocks, bonds, ETFs and well-known mutual funds.
Planning for retirement?
Planning for retirement?
Wherever you are in life, look to Bank of America and Merrill Edge® for valuable retirement tools and insights
Self-service your IRA account
Need to update your IRA beneficiary?
Fill out the IRA Beneficiary Change form to add or change beneficiaries for your IRA.
Need to provide your Federal withholding election on your IRA withdrawals/distributions?
Fill out the Withholding Certificate for Nonperiodic Payments and Eligible Rollover Distributions (W-4R) to elect federal withholding on your IRA withdrawals and scheduled/required minimum distributions.
Please return the completed form(s) to:
Bank of America, N.A.
TX2-979-02-14
P.O. Box 619040
Dallas, TX 75261-9943
Looking for other accounts?
We've got you covered
Checking accounts
Savings accounts
Certificate of Deposit (CD) accounts
Contact us
- Schedule an appointment
- Schedule an appointment
- Call us
- Phone number:844.375.7027
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