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Traditional Individual Retirement Accounts (IRAs)

A traditional IRA lets you save for a comfortable retirement, and contributions to your IRA may be tax deductible. IRAs offer security and flexible investment options. BB&T offers a variety of investment choices for your IRA.

Compare All IRAs

Eligibility

Individuals under the age of 70½ with earned income and non-compensated spouses of individuals with earned income filing joint tax returns are eligible to participate in a traditional IRA.

Federal regulations limit which sources of income may be used to fund Roth IRAs:

Eligible Income

  • Wages
  • Salaries
  • Tips
  • Professional fees
  • Bonuses
  • Taxable alimony
  • Commissions received as a percentage of profits or sales price
  • Self-employment income from a sole proprietorship
  • Partnership income for which services have been provided

Ineligible Income

  • Income from rental property
  • Interest income
  • Dividend income
  • Pension or retirement income
  • Annuity income
  • Deferred compensation
  • Foreign earned income
  • Any income not included in gross for federal taxes

Contributions & Withdrawals

For 2014 and 2015, your total contributions to all your traditional and Roth IRAs cannot be more than:

  • $5,500 for individuals younger than 50, or
  • $100% of your taxable compensation for the year, if your compensation was less than this dollar limit.

Individuals age 50 to 70 (not including the year you turn 70½ ) may contribute $6,500 or 100% of eligible compensation, which ever is less.

Depending on your circumstances, your contributions may not be tax deductible.1 Please consult with your tax advisor.

Withdrawals

If you are under 59½, withdrawals are subject to a 10% penalty in addition to the regular federal and state income tax. You may be able to avoid the penalty on early withdrawals under these circumstances:

  • First-time home purchase up to $10,000
  • Qualified education expenses
  • Death or disability
  • Unreimbursed medical expenses
  • Health insurance if you're unemployed

If you are 59½ or older, all withdrawals are allowed without IRS penalty. Regular income taxes still apply.

Starting in the year you turn 70½, you must take required minimum distributions. The amount of the distribution depends on how much you have saved in the account and on your life expectancy, according to tables published by the IRS.

Options

These products are only a few of the retirement and investment solutions offered by BB&T Investment Services, Inc. For information on other products and solutions, please contact a BB&T Investment Services, Inc. Investment Counselor.

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